Will the Yen Recover?

6 days agoThe daily chart for USD/JPY has been showing a clear downtrend since July, with the price consistently below both the 34 EMA and 89 EMA, reinforcing the downtrend. The break of the 34 EMA below the 89 EMA further confirms that the market is in a bearish phase. Currently, the pair is trying to break the 34 EMA, which if unsuccessful, could lead to further declines.

There were several attempts to recover in September, but the rallies failed to break the resistance formed by the moving averages, indicating that the sellers are still in control. The next support level is around 142,000, which could provide some temporary support for the Japanese yen.