Created
: 2024.09.05
2024.09.05 06:03
The USD/JPY collapsed late during the North American session and fell below 144.00 for the first time since last Wednesday. At the time of writing, the major is at 143.77, losing more than 1%.
Softer than expected, US JOLTS data for July increased speculations that the Federal Reserve will lower rates at the upcoming meeting, being the only doubt about the size of the cut. Consequently, that weighed on the closely correlated US 10-year Treasury note yield with the USD/JPY, with the former extending losses by almost 2% at 3.757%.
The USD/JPY resumed its downtrend after registering a leg-up from 143.44 (August 26) to 147.21 (September 3 high), sinking following the US data release, as momentum turned bearish.
The Relative Strength Index (RSI) remained bearish, but its slope shifted upwards to downwards, a sign of a trend shift in the short term.
The USD/JPY first support would be the August 26 daily low of 143.45. A breach of the latter would expose key psychological support levels, like the 143.00 mark, followed by the 142.50 and 142.00. Once hurdled, the next stop would be the August 5 low of 141.69.
For bulls to regain control, they must regain the Kijun-Sen at 148.45 before reclaiming the 150.00 figure above the latest cycle high of 149.39.
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Swiss Franc.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | 0.00% | 0.00% | -0.03% | 0.00% | 0.06% | -0.06% | 0.14% | |
EUR | -0.01% | 0.03% | -0.02% | 0.00% | 0.04% | -0.02% | 0.15% | |
GBP | -0.00% | -0.03% | -0.04% | 0.03% | 0.04% | -0.04% | 0.02% | |
JPY | 0.03% | 0.02% | 0.04% | 0.02% | 0.07% | 0.02% | 0.09% | |
CAD | 0.00% | -0.01% | -0.03% | -0.02% | 0.06% | -0.03% | 0.02% | |
AUD | -0.06% | -0.04% | -0.04% | -0.07% | -0.06% | -0.03% | -0.03% | |
NZD | 0.06% | 0.02% | 0.04% | -0.02% | 0.03% | 0.03% | 0.06% | |
CHF | -0.14% | -0.15% | -0.02% | -0.09% | -0.02% | 0.03% | -0.06% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Created
: 2024.09.05
Last updated
: 2024.09.05
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