USD/JPY has made a bearish break below the key August 5 lows.
USD/JPY has broken to new lows, indicating a possible reversal in the long-term trend. The move lacks momentum, however, and risks running out of energy before a pull back higher. Although the move down lacks momentum the break could be indicative of a long-term trend reversal. USD/JPY Daily Chart The pair has already broken below a major multi-year trendline, suggesting the long-term uptrend has been undermined. The break below the August 5 lows confirms it might have reversed.
Given it is a principle of technical analysis theory that “the trend is your friend” such a break increases the odds of more downside evolving in the future. Strong support comes in at 140.25 , however, and this could slow the pair’s descent. A break below that level too, would provide even more confirmatory evidence of a reversal in the trend. Such a break might see price fall to the next target at 137.24 .
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