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Today's review of one of the most significant currency pairs of the Forex market will not be quite ordinary. Let me remind you that today is the last day of June trading, and the market will close the first month of summer. So let's see what results from the dollar/yen are coming to the end of this month.
Monthly
At this stage of time, the bulls for the pair could not break through the strong resistance of the sellers at 110.97. It is also worth noting that such attempts have been made, and the maximum value of June trading at the moment is 111.11. Right now, at the time of writing, the USD/JPY pair is trading near 110.54. Thus, anything can happen before the end of trading. Usually, when the market closes monthly or weekly trades, a fierce struggle occurs between the opposing parties for the closing price of the month or week. I believe that today will not be an exception. For USD/JPY bulls, it is extremely important to finish the June trading at least above 110.97 and even better above the level of 111.00. It will signal that the pair is ready to move in the north direction in the future. Bears have a much more difficult task for the pair. They still need to lower the quote under 109.00, where they will finish the monthly trading. However, this is the maximum task. The minimum task for players to lower the rate will be to close the month below the most important technical and psychological level of 110.00. These are the tasks of the warring parties on a monthly chart.
Daily
Since it is already the middle of the trading week, I don't see any point in considering the weekly chart. Thus, I immediately switch to the daily timeframe. However, the situation here is not at all in favor of buyers. As you can see, after trying to break through 111.00 and reaching the 111.11 mark, evident signs of a reversal began to appear, which are a series of candles with small bearish bodies, which do not have such small shadows. The pair's reversal in the south direction is visible. Only a confident and true breakdown of the already mentioned resistance of sellers in the area of 111.00 can save the situation. Otherwise, the pair risks falling into the price zone of 110.00-109.70, where the most important psychological level and the blue Kijun line of the Ichimoku indicator are. However, this will happen if the red line of Tenkan does not withstand the pressure of sellers and will be broken. At the moment, I will refrain from specific trading recommendations. As you can see, the situation is far from unambiguous. I suggest waiting for the completion of monthly and weekly trading, and on Monday, taking into account the complete information, we will try to highlight the most relevant trading recommendations.
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