Forex Market: USD/JPY daily forecast

During yesterday’s trading session USD/JPY traded within the range of 102.22-102.50 and closed at 102.31.

At 11:29 GMT today USD/JPY was losing 0.46% for the day to trade at 101.88. The pair touched a daily low at 101.87 at 11:28 GMT.

Fundamental view

The US Federal Budget Balance probably turned to deficit of $142.5 billion in May, after a $106.85 billion surplus in the previous month.

The monthly newsletter on revenue and expenditure of the United States Government (MTS) is prepared by the Office of Financial Management at the Ministry of Finance after approval by the Assistant Secretary of the Treasury. The newsletter covers the financial activities of the Federal Government and non- budgetary activities carried out in accordance with the budget of the U.S. government, ie revenue and expenditure of funds, deficit or surplus, which means cover the deficit or surplus allocation. The main information sources include accounting data reported by federal sources, tax and regional structures of Fed.

The US Department of the Treasury will publish its report at 18:00 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/JPY manages to breach the first resistance level at 102.48, it will probably continue up to test 102.60. In case the second key resistance is broken, the pair will probably attempt to advance to 102.45.

If USD/JPY manages to breach the first key support at 102.14, it will probably continue to slide and test 102.01. With this second key support broken, the movement to the downside will probably continue to 101.83.