Bear Flag Pattern developing

20 ביולי 2023

The USDJPY stalled at the 38% retracement today at 140.25 which could be the top of the bear flag pattern. Also, the 50dma is also near the highs today as well. A move back below the 139.00 would suggest that the pair will revisit the 200dma and possibly lower. Also to note, the Bank of Japan meeting is next week and there is speculation of a possible change in Yield Curve Control (YCC) on the horizon which could strengthen the JPY.