This article explores the technical prospects of the Japanese yen for the second quarter across three key pairs: USD/JPY, EUR/JPY, and GBP/JPY. It considers both price action dynamics and market sentiment for a comprehensive and holistic outlook
In terms of potential scenarios, a push beyond 152.00 could theoretically reinforce upward momentum and give way to a rally towards 154.00. However, any bullish breakout may not hold for long, as the Japanese government may quickly step in to support the yen. For this reason, a rise above the 152.00 area could be viewed as an opportunity to fade strength. However, in the absence of FX intervention, bulls could feel emboldened to launch an attack on 158.50, followed by 160.
In the event of a bearish reversal, GBP/JPY may encounter support around 189.00 and 184.75 thereafter, where the 200-day simple moving average meets a medium-term ascending trendline at the time of writing. Subsequent losses beyond the aforementioned thresholds could draw attention towards 178.00 - key swing lows of December and October last year. The pair may establish a foothold in the region; however, a drop below it could prompt a move towards 176.50, followed by 172.25.
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