Chart of the Day – USDJPY – (July 20th, 2023)

<div><p><div><h2 itemprop="headline">USDJPY bear flag developing</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The USDJPY stalled at the 38% retracement today at 140.25 which could be the top of the bear flag pattern. Also, the 50dma is also near the highs today as well. A move back below the 139.00 would suggest that the pair will revisit the 200dma and possibly lower. Also to note, the Bank of Japan meeting is next week and there is speculation of a possible change in Yield Curve Control (YCC) on the horizon which could strengthen the JPY.</p>
<p><img decoding="async" class="alignnone size-full wp-image-10610" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07.png" alt="" width="1502" height="845" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07.png 1502w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07-400×225.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07-800×450.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07-768×432.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07-1500×844.png 1500w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07-705×397.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/07/USDJPY_2023-07-20_13-00-07-450×253.png 450w" sizes="(max-width: 1502px) 100vw, 1502px" /></p>
<p>Blake Morrow</p>
<p>Our <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Steve Voulgaridis</p>
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