Looking at {{the 3|USD/JPY}} chart, we can see the Yen continues its devaluation and the Dollar becoming stronger by day and pushing past its 52-week highs set in early May 2022. Since Jun. 4, we can see the extension of the uptrend from the past few weeks, rallying with momentum on its side and rising from the 130, breaking the 131 technical overhead resistance on Jun. 7, and basing in the 135.5 level on Jun. 8.
From there, we can see the formation of another leg up in the 133.5 level. At the same time, it reached as high as 134.4 on Jun. 9, retracting around the 133 level but quickly rebounding early in today’s session near the same level of 134.4, now deemed as overhead resistance. It was last found trading at the 133.8 level.
Today we can expect an extension of the short-to-medium-term trend and a move past close and possibly past the 134.4 overhead resistance level as the positive momentum is overwhelmingly on its side. However, if it doesn’t manage to hold on to its current level, then a move below the 133 level can be expected.
