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An Overview of USD/JPY 2023.05.31 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.066023
• Second Key support level of EUR/USD: 1.06
• Third Key support level of EUR/USD: 1.055
• First key resistance level of EUR/USD: 1.070181
• Second Key resistance level of EUR/USD: 1.074335
• Third Key resistance level of EUR/USD: 1.08

• First key support level of USD/CHF: 0.908463
• Second Key support level of USD/CHF: 0.902
• Third Key support level of USD/CHF: 0.9
• First key resistance level of USD/CHF: 0.914466
• Second Key resistance level of USD/CHF: 0.9194
• Third Key resistance level of USD/CHF: 0.93

• First key support level of GBP/USD: 1.235
• Second Key support level of GBP/USD: 1.232667
• Third Key support level of GBP/USD: 1.2308
• First key resistance level of GBP/USD: 1.244646
• Second Key resistance level of GBP/USD: 1.24700
• Third Key resistance level of GBP/USD: 1.254

• First key support level of USD/JPY: 139.292697
• Second Key support level of USD/JPY: 137.9
• Third Key support level of USD/JPY: 136.2
• First key resistance level of USD/JPY: 140.111461
• Second Key resistance level of USD/JPY: 140.929457
• Third Key resistance level of USD/JPY: 142.6

 

An Overview of USD/JPY 2023.05.31

The USD/JPY has experienced an upward trend with heavy price corrections since 2023. Therefore, the buyers were able to record the highest price level of 140.935 within this upward cycle. Regarding the price movements, there is no evidence of price decreases in longer periods like monthly and weekly. Also, in case of buyers back down, the price will likely climb more and reach the resistance level of 143 and 148 for longer periods.

In the current situation, since the price has reached the round resistance level of 141, some buyers have withdrawn from their positions, and the upward trend has been stopped. The formation Spinning Top candlestick in this price ceiling indicates that this upward trend is not steady and is a clue of a price ceiling formation.

The interval between the price ceiling of 140.935, and the price floor of 127.247, indicates a harmonic pattern of AB=CD together with Fibonacci ratios of 127.2 and 76.4. Also, by forming the D point, a warning has been issued regarding further price decreases in the following candles. Regarding the price being in saturation with sells in daily time frames, if the price ceiling of 140.935 is maintained, the price will be able to decrease more. The sellers will try to reach the support levels of 138 and 136.50.

 

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