Factors influencing the recent USD/JPY decline
May Chen
USDJPY·
Aug 06 2024
1
The USD/JPY currency pair is experiencing a significant decline after reaching a peak of 162 in July. This sharp reversal suggests a potential correction is underway. The pair is currently trading around 146.35 with immediate support levels at 146.00 and 145.70. On the other hand, resistance is anticipated at 147.00, 147.50, and 148.00. Expect volatile trading conditions in the short term, with a likely range of 146.20 to 147.80. Based on current market trends, it's advisable to consider selling the US dollar against the Japanese yen on upward price movements.