On June 23, materials from the BoJ Monetary Policy Meeting Minutes are expected to be published. BoJ Governor Haruhiko Kuroda may perform on June 24. Investors hope to receive information on the Japanese regulator's monetary policy. In April 2023, Kuroda is set to leave Bank of Japan. In theory, monetary policy can either persist until that time, or even soften further. Any statements about easing could weaken the yen. In addition, the Jibun Bank Manufacturing PMI indicator will be released on June 23. The outlook is negative. Inflation for June in Tokyo will be published on June 25th. While deflation is expected to recover in annual terms to -0.6% from -0.4% in May. Recall that in May, the decline in consumer prices in Japan as a whole unexpectedly slowed down. Deflation in annual terms amounted to -0.1%, while the forecast was -0.7%. This slightly weakened the Japanese currency. If Tokyo CPI is higher than the forecast, it could have an additional negative impact on the yen. As a reminder, the BoJ rate is -0.1%. Accordingly, positive statements by the head of the Bank of Japan and strong Japanese economic indicators can strengthen the yen and move USDJPY towards the lower border of a wide neutral range.
| Indicator | VALUE | Signal |
|---|
| RSI | | Sell |
| MACD | | Buy |
| MA(200) | | Sell |
| Fractals | | Sell |
| Parabolic SAR | | Sell |
| Bollinger Bands | | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 111 |
| Stop loss | Below 108.8 |