Created
: 2024.09.16
2024.09.16 15:06
USD/JPY continues to decline for the fifth consecutive day, trading around 140.30 during the Asian session on Monday. An analysis of the daily chart showed the USD/JPY pair moves downward within a descending channel, indicating a confirmed bearish bias.
Additionally, the nine-day Exponential Moving Average (EMA) is lower than the 21-day EMA, indicating a downward momentum in the asset's price. However, the 14-day Relative Strength Index (RSI), a momentum indicator, is positioned below the 30 level, suggesting an oversold situation for the USD/JPY pair and a potential for an upward correction soon.
In terms of support, the USD/JPY pair is testing 140.25, which is the lowest level since July 2023, followed by the psychological level of 140.00. A successful breach below this level could reinforce the bearish bias and put pressure on the pair to test the lower boundary of the descending channel at the level of 138.50.
On the upside, the USD/JPY pair might first encounter a barrier at the nine-day EMA around 142.19, followed by the 21-day EMA at 144.04 level. A break above these EMAs might weaken the bearish sentiment and push the pair to test the upper boundary of the descending channel at the 145.50 level.
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.21% | -0.25% | -0.41% | -0.16% | -0.33% | -0.22% | -0.19% | |
EUR | 0.21% | -0.10% | -0.23% | 0.01% | -0.18% | -0.07% | -0.03% | |
GBP | 0.25% | 0.10% | -0.22% | 0.10% | -0.09% | 0.04% | 0.08% | |
JPY | 0.41% | 0.23% | 0.22% | 0.25% | 0.13% | 0.20% | 0.15% | |
CAD | 0.16% | -0.01% | -0.10% | -0.25% | -0.25% | -0.06% | -0.14% | |
AUD | 0.33% | 0.18% | 0.09% | -0.13% | 0.25% | 0.12% | 0.14% | |
NZD | 0.22% | 0.07% | -0.04% | -0.20% | 0.06% | -0.12% | 0.04% | |
CHF | 0.19% | 0.03% | -0.08% | -0.15% | 0.14% | -0.14% | -0.04% |
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
: 2024.09.16
Last updated
: 2024.09.16
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy