USD/JPY continues sliding and makes a lower low at 140.36 on Friday, bottoming out at about the same level as the key December 2023 low – where it is expected to encounter firm support.
USD/JPY has fallen to fresh lows at a key support level. The long-term uptrend has probably reversed as the pair continues to make lower lows. USD/JPY 4-hour Chart The break below the August 5 low on September 11 crossed an important threshold for the pair. Taken together with the break below the major multi-year trendline at the beginning of August, it suggests a possibility the long-term uptrend has reversed.
25 December 2023 low, it would provide even more confirmatory evidence of a long-term trend reversal. Such a break might then see price fall to the next target at 137.24 . It should be noted that the short and medium-term trends are already bearish. USD/JPY is showing mild bullish convergence between the price and the Relative Strength Index . At the September 11 low the RSI was in the oversold zone, now even though price has sunk even lower, the RSI has not.
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