USDJPY Deepens Decline: Support at 144.500, Target 143.000
Updated
On the 3-hour chart, USDJPY is declining, approaching a key support level at 144.500, a level that has been tested and may react in the short term.
If the price tests this support and doesn't recover strongly, it is likely to continue its downtrend with the next target at 143.000.
The 89 and 34 EMAs act as resistance levels at 145.776 and 145.718, reinforcing the downward trend.
RSI at 42.88, near the oversold zone, indicates the price may drop further before a slight upward correction.
Investors may consider selling if the price breaks the 144.500 support, with a short-term target at 143.000.
Regarding news: Inflation data from Japan and the U.S. will impact USDJPY. If Japan's inflation remains low, the Yen could weaken further.
If the price tests this support and doesn't recover strongly, it is likely to continue its downtrend with the next target at 143.000.
The 89 and 34 EMAs act as resistance levels at 145.776 and 145.718, reinforcing the downward trend.
RSI at 42.88, near the oversold zone, indicates the price may drop further before a slight upward correction.
Investors may consider selling if the price breaks the 144.500 support, with a short-term target at 143.000.
Regarding news: Inflation data from Japan and the U.S. will impact USDJPY. If Japan's inflation remains low, the Yen could weaken further.
Trade active
The July wage data showed a 3.6% year-on-year increase, lower than the 4.5% in June. This has heightened expectations that the Bank of Japan (BoJ) might raise interest rates in Q4 2024, as inflation in Tokyo surpasses targets, strengthening the yen and putting downward pressure on USD/JPY.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.