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USDJPY – 5 Sep 2024

USDJPY 5 Sep 2024

On the weekly timeframe, USDJPY is in a bearish trend after failing to break the R2 resistance two months ago. Currently, the pair is at a price position of 143.534, after a decline that took it inside the kumo cloud. Despite a few bullish signals, bearish pressure is still dominant, so the bullish trend did not manage to continue. The stochastic movement below the 30 level also indicates that selling pressure is still strong. Traders are advised to check for other indications before making a trading decision, as the bearish trend may continue if there is not enough momentum for a reversal.

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