Markets Analysis

Dollar-Yen Recovers to JPY 140 Level, Will It Break Out of the Triangle?【June 8, 2023】

June 08, 2023

Markets Analysis

Fundamental Analysis

  • Nikkei Stock Average falls back on highs, forming a wraparound leg
  • Nasdaq falls back, selling off in tech stocks
  • Bank of Canada unexpectedly raises interest rates, reminding investors that the rate hike cycle is not over
  • Gold falls, breaks out below key uptrend line at close

USDJPY Technical Analysis

➡ Last night’s movement and overview of the dollar and key technicals are described.

Day Trade Strategy (Hourly)

The day-trade policy is range trading. A series of unexpected gains in Australia and Canada on consecutive days made investors aware that the rate hike cycle is continuing. The dollar surged from JPY 139 to the JPY 140 level, pausing at the upper line of the triangle.

The focus now turns to how long the triangle will hold. After all, a full-fledged rally is unlikely until the FOMC meeting. If so, we can expect the price to pull back to the moving average again. If the price breaks above the triangle, a rise to JPY 140.49 is expected.


The upper line of the triangle can be seen reacting twice and the lower line once; with the 61.8% Fibonacci line at the lower end, it will be interesting to see whether the triangle or Fibonacci will function more strongly.

Support and Resistance Lines

The resistance line to be considered in the future is as follows

JPY 140.49 – Major resistance level
JPY 139.97 – Fibonacci level


Market Sentiment

USDJPY Sell: 70% Buy: 30%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
Japan GDP8:50
U.S. Unemployment Insurance Claims21:30
Canada Employment Statistics21:30

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.

Enter your email address

You can receive deals such as Milton Markets campaigns and bonuses just by registering your email address.

Technology vendor

This site or page is operated by Milton Markets.

Milton Markets is a trading name of Milton Markets Ltd. Milton Markets Ltd. is registered in Saint Lucia with registration number 2023-00166.

Risk Warning: Trading FX and CFD products involves a high risk of loss to your capital. Please read and fully understand the Milton Markets risk disclosure.

Milton Markets does not provide services to residents of the following countries,including but not limited to: Afghanistan, American Samoa, Belarus, Burundi, Canada, Central African Republic, Congo-Brazzaville, Cuba, Côte d'Ivoire, Eritrea, European Union countries, Guinea, Iran, Iraq,

Lebanon, Liberia, Libya, Mali, Myanmar, North Korea, Puerto Rico, Russia, Rwanda, Saint Vincent and the Grenadines, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.

Customers must be at least 18 years old or the age of legal majority in their own country.

Furthermore, opening an account is considered as registering on your own initiative without any solicitation by Milton Markets.

© MILTONMARKETS, All Right Reserved.