Created
: 2024.09.05
2024.09.05 22:17
USD/JPY is resuming its mid-term downtrend after a punctuated pause during August.
The pair has broken below the key 143.45 swing lows (August 26 low) - a bearish sign that flips the trend. Sellers now have the key August 5 lows at 141.69 in their sights.
USD/JPY is probably in a short-term downtrend and given the saying "the trend is your friend" the odds favor more downside.
The pair will probably reach the 141.69 lows. A break below that would probably lead to further weakness towards the next support level at 140.44.
The Relative Strength Index (RSI) momentum indicator is oversold, however, so traders are advised not to add to their short positions. If RSI exits oversold it will be a signal a counter-trend correction higher is unfolding.
Created
: 2024.09.05
Last updated
: 2024.09.05
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