The USD/JPY pair managed to recover from its daily low of 151.94 and ended Thursday’s session unchanged at 153.93. This recovery was supported by the release of better-than-expected US GDP figures for the second quarter of 2024. However, the technical outlook for USD/JPY still indicates a bearish bias, with the RSI approaching oversold levels.
In order for the bearish trend to continue, sellers will need to push the pair below the 153.00 level. If this level is breached, the next support to watch for would be at 151.94, followed by 151.00. On the other hand, if buyers want to take control and turn the tide in favor of the bulls, they would need to reclaim the 156.00 level to push prices above the Kumo.
Looking at the Japanese Yen’s performance against major currencies this week, we can see that it was the strongest against the Australian Dollar. The Yen made gains against most other currencies, with notable strength against the Euro, Pound, and New Zealand Dollar. This data provides insights into the relative strength of the Japanese Yen in the forex market this week.
Overall, while the USD/JPY pair saw a slight recovery from its daily low, the technical indicators still point towards a bearish bias. Traders will be closely watching key levels such as 153.00, 151.94, and 156.00 to gauge the next potential moves in the currency pair. It is essential for traders to conduct their own research and analysis before making any investment decisions, as trading in the forex market carries inherent risks.
