One of our active and successful traders Utusk is taking a view back at USD/JPY in June. He’s also analysing the market and giving forecast for July.
Beginning from the 2nd part of June I’ve been keeping Buy order on USD/JPY. Analyzing the history of that currency pair I can say that it won’t fall down to 95.73, because it happened only twice in the last 20 years. So, according to my expectation at the end of the June USD/JPY should have raised up to 104. But it hadn’t happened. There were a lot of different events, that influenced the situation on the market greatly: Chinese Bank statements, investors’ apprehensions concerning the world economy, the fall of stock market indices and stop of carry trade.
But in the end of the month the situation began to change. Asian stocks began to rise quickly, which was the first step of impovements. Now there are more and more signs of the situation on the market having become better. JPY is one of the best indicators showing the increase of the market activity.
Due to that information I came up to the thought, that USD/JPY gonna touch 99.44 next month. And if the rise of stocks continues in the nearest future, we may see the pair to reach 104.
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