- USD/JPY extends its losing streak within a descending channel, suggesting a confirmed bearish trend.
- The 14-day RSI momentum indicator suggests an oversold situation and a potential for an upside correction soon.
- The pair tests the 14-month low at 140.25, followed by the lower boundary of the channel at the level of 138.50.
The USD/JPY pair continues to fall for the fifth consecutive day, trading around 140.30 during the Asian session on Monday. An analysis of the daily chart showed that the USD/JPY pair is moving lower within a descending channel, indicating a confirmed bearish trend.
Moreover, the nine-day exponential moving average (EMA) is below the 21-day EMA, indicating bearish momentum in the asset price. However, the 14-day relative strength index (RSI), a momentum indicator, is positioned below the 30 level, suggesting an oversold situation for the USD/JPY pair and a potential for an upside correction soon.
In terms of support, the USD/JPY pair is testing 140.25, which is the lowest level since July 2023, followed by the psychological level of 140.00. A successful break below this level could reinforce the bearish trend and push the pair to test the lower boundary of the descending channel at the level of 138.50.
On the upside, the USD/JPY pair might first encounter a barrier at the nine-day EMA around 142.19, followed by the 21-day EMA at the level of 144.04. A break above these EMAs could weaken the bearish sentiment and push the pair to test the upper boundary of the descending channel at the level of 145.50.
USD/JPY: Daily Chart
Japanese Yen PRICE Today
The table below shows the Japanese Yen (JPY) exchange rate against major currencies today. The Japanese Yen was the strongest currency against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.21% | -0.25% | -0.41% | -0.16% | -0.33% | -0.22% | -0.19% | |
| EUR | 0.21% | -0.10% | -0.23% | 0.01% | -0.18% | -0.07% | -0.03% | |
| GBP | 0.25% | 0.10% | -0.22% | 0.10% | -0.09% | 0.04% | 0.08% | |
| JPY | 0.41% | 0.23% | 0.22% | 0.25% | 0.13% | 0.20% | 0.15% | |
| CAD | 0.16% | -0.01% | -0.10% | -0.25% | -0.25% | -0.06% | -0.14% | |
| AUD | 0.33% | 0.18% | 0.09% | -0.13% | 0.25% | 0.12% | 0.14% | |
| NZD | 0.22% | 0.07% | -0.04% | -0.20% | 0.06% | -0.12% | 0.04% | |
| CHF | 0.19% | 0.03% | -0.08% | -0.15% | 0.14% | -0.14% | -0.04% |
The heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the chart will represent the JPY (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
