[22 August 2024]
Today, Thursday 22 August 2024, StockCharts365.com has taken a closer look again at the U.S. Dollar / Japanese Yen (USD/JPY). USD/JPY trades today, Thursday 22 August 2024, around 145.00. StockCharts365.com hit the bullseye with its previous analysis of USD/JPY, and today has taken a closer look at this one of the world's most important currency pairs.
What does the technical picture for USD/JPY now indicate about further developments going forward? Read more about this below in the case here.
First a little about the U.S. Dollar/Japanese Yen (USD/JPY):
USD/JPY is the forex ticker that shows the value of the US Dollar against the Japanese Yen.
It tells traders how many Yen are needed to buy a US Dollar.
The Dollar-Yen is one of the most traded forex pairs - second only to EUR/USD - and is a benchmark for Asian economic health and even the global economy.
Technical Analysis of the U.S. Dollar / Japanese Yen (USD/JPY)
Technical Analysis of the U.S. Dollar / Japanese Yen (USD/JPY):
USD/JPY has triggered a strong technical sell signal after an established break below the 150.00 level. After a small rebound towards the 150.00 level, USD/JPY has now fallen again to around 145.00 today. USD/JPY has given a strong sell signal from a large rising wedge formation, and after this the break has now established below the 150.00 level. A sell signal has also been triggered after a break below the 50-day moving average. The next important technical support level is now down towards the 200-day moving average, which today is around the 131.00 level. Further down, there is significant technical support for USD/JPY around the 125.00 level, and down towards the lower trend line of the long-term uptrend that USD/JPY is moving within. The overall technical picture for USD/JPY thus indicates a further sharp decline for USD/JPY, and then preferably down to between 125.00 - 132.00. USD/JPY is currently trading around 145.00, and we are therefore talking about a possible significant further fall for USD/JPY in the time to come. What will be needed to change this currently very negative technical picture for USD/JPY will be to see an established break above the 150.00 level and above the 50-day moving average.
NB! Remember to have read and understood the disclaimer.
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