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USDJPY – 16 Sep 2024

USDJPY 16 Sep 2024

On the weekly timeframe, USDJPY has been in a sharp bearish trend since last June. The pair experienced a significant decline from a price position of 160.803 to hit a price of 140.083 last week. Currently, the pair is below the kumo cloud, and is not showing any clear signs of strengthening. However, the stochastic indicator is showing oversold conditions, which provides the potential for a bullish trend reversal. Nonetheless, traders should keep an eye on other indications before making a decision, as bearish pressure may still be present and could extend the decline.

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