6/22/2021
The yen index is down -0.33% on the day and is extending its losses to the downside on weakness in the currency. The Fed's decision to raise rates sooner than we expected has caused US bonds to slip as well, sending yields closer to Japan's bond yields, thus decreasing appetite for the USD.
JXY
The Japanese yen index is now falling to a previous bottom around 90.23 on the 4H chart as well as the bottom of a trend line which could also serve as support. As price tests this level again, it could try to break under this time which could then give it enough momentum to dip lower.
USDJPY
UJ looks to be trying to break out of the channel on the 4H timeframe as price nears highs and a big resistance level from the April high of this year. It looks likely that price will at least test this level again, and contrary to the JXY, a break above would be bullish for this pair.
NZDJPY
NJ is one of the hardest movers today, up 0.42% at the time of writing this. The pair has a significant resistance level around 77.863 which will be a big level to break. Price might have to retrace before retesting this level due to how strong this resistance looks in the short term.
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