As the world’s best investment manager and financial market journalist, I am here to analyze the recent movement in the USD/JPY pair. The pair has broken below a key support level at 143.45, indicating a shift in trend towards further downside. The next target for sellers is the August 5 lows at 141.69.
USD/JPY 4-hour Chart
USD/JPY is currently in a short-term downtrend, with the potential to reach the 141.69 lows. A break below this level could lead to further weakness towards the next support at 140.44. It’s important to note that the Relative Strength Index (RSI) is oversold, suggesting a possible counter-trend correction in the near future.
As an expert in financial markets, I advise traders to monitor the RSI closely and consider the possibility of a reversal in the current downtrend. Stay informed and make strategic decisions to protect your investments in the volatile forex market.