**USD/JPY Daily Outlook: June 10, 2024 – Technical Analysis and Forecast**
*Original source: ActionForex.com, authored by ActionForex Analysts. This is a rewritten and expanded version of the original article found at [Action Forex’s USD/JPY Daily Outlook](https://www.actionforex.com/technical-outlook/usdjpy-outlook/616153-usd-jpy-daily-outlook-2252/).*
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The USD/JPY currency pair remains in focus as traders await key signals that could determine the pair’s next directional move. Today’s analysis is centered on the short to mid-term technical outlook for USD/JPY, providing deeper insight into price action, chart patterns, momentum indicators, and key support and resistance levels.
This version expands the analysis for a broader trading audience, offering a more comprehensive picture of where USD/JPY currently stands and what to watch for in the coming sessions.
## Current Price Behavior
USD/JPY opened the week trading around the 156.80 level after showing notable resilience near the 155.00 handle during previous sessions. The pair failed to break above short-term resistance but continues to show strength above its recent lows.
Key features of current price behavior:
– The pair has been forming a consolidation range between 154.50 and 157.00 zones, with no clear breakout initiated.
– Despite some intraday volatility, buyers remain in control as long as prices sit above key support zones.
– Recent attempts to break above the 157.00 psychological barrier suggest continued bullish momentum, gradually gaining force.
The current consolidation hints at a potential continuation pattern, with the bullish bias uncompromised unless there’s a decisive break below recent support levels.
## Technical Indicators and Momentum Analysis
A multi-timeframe look at technical momentum adds further clarity to the directional bias of USD/JPY.
**Daily RSI (Relative Strength Index):**
– RSI remains above neutral at 55, signaling that the market is not overbought or oversold.
– The indicator has yet to show any bearish divergence, keeping momentum slightly favoring buyers.
**MACD (Moving Average Convergence Divergence):**
– The daily MACD line remains above the signal line, offering no immediate warning signs of a bearish crossover.
– However, a flattening MACD histogram suggests momentum is weakening, which may lead to sideways price action in the near term.
**Moving Averages:**
– The 21-day EMA currently holds around the 155.75 level; this zone will act as immediate dynamic support in case of minor pullbacks.
– Both the 50-day and 100-day EMAs are trending upward, solidifying the medium-term bullish structure.
**Ichimoku Cloud Readings:**
– Price action still hovers above the Kumo cloud, confirming an ongoing bullish trend on the daily chart.
– Tenkan-sen remains above the Kijun-sen, although the distance has narrowed slightly, which could be an early indication of consolidation.
## Elliott Wave Count and Price Structure
From an Elliott Wave perspective, the ongoing leg higher may represent the latter phase of an impulsive wave sequence. Recent retracements appear corrective within the overall uptrend, suggesting unfinished upside potential.
Consider the following wave-based implications:
– The current bullish wave may represent Wave 5 of a medium-term impulsive wave structure starting from the March 2024 lows.
– A break above 157.50 would likely confirm the continuation of Wave 5, leading toward projected targets around 159.00 or higher.
However, a break below 155.00 might indicate completion of the current wave cycle and could open the door to a deeper corrective pullback, possibly down to the 153.00–152.00 zone.
## Key Support and Resistance Levels
Identifying price pivots and reaction zones is crucial in USD/JPY due to its sharp and often volatile movements amid global macro data and yield differentials.
**Immediate Resistance Levels:**
Explore this further here: USD/JPY trading.