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USD/JPY Outlook: Slips Below 142.00 Amid Weak Dollar

Written by

Ezekiel Chew

Updated on

September 12, 2024

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USD/JPY Outlook: Slips Below 142.00 Amid Weak Dollar

Written by:

Ezekiel Chew

Last updated on:

September 12, 2024

The USD/JPY pair retreated from its recent high of 143.00, dropping by over 0.28% due to a mix of economic data from the United States (US) that increased expectations for the Federal Reserve’s first rate cut next week. As of now, the pair is trading at 141.96.

The pair remains under a downward trend, though Wednesday’s long tail suggests a possible short-term rebound and a test of key resistance levels. Despite this, bearish sentiment persists as indicated by the Relative Strength Index (RSI), which shows a flat slope, hinting at potential consolidation in the near term.

Key Levels to Watch for USD/JPY Movement

USD/JPY Daily Chart as of September 12th, 2024 (Source: FXStreet)

If USD/JPY closes below 142.00 on a daily basis, it may open the door for traders to push prices towards the September 11 low of 140.71. A breach of this level would expose the pair to further downside, targeting the December 28, 2023 cycle low of 140.25, with an eventual move toward 140.00.

On the upside, initial resistance is at the 142.00 mark. If surpassed, the pair could aim for the September 12 high of 143.04, followed by the Tenkan-Sen at 143.96 and finally the Senkou Span A at 144.50.

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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USD/JPY Outlook: Slips Below 142.00 Amid Weak Dollar

4.0
Overall Trust Index

Written by:

Updated:

September 12, 2024
The USD/JPY pair retreated from its recent high of 143.00, dropping by over 0.28% due to a mix of economic data from the United States (US) that increased expectations for the Federal Reserve’s first rate cut next week. As of now, the pair is trading at 141.96. The pair remains under a downward trend, though Wednesday's long tail suggests a possible short-term rebound and a test of key resistance levels. Despite this, bearish sentiment persists as indicated by the Relative Strength Index (RSI), which shows a flat slope, hinting at potential consolidation in the near term. Key Levels to Watch for USD/JPY Movement
USD/JPY Daily Chart as of September 12th, 2024 (Source: FXStreet)
If USD/JPY closes below 142.00 on a daily basis, it may open the door for traders to push prices towards the September 11 low of 140.71. A breach of this level would expose the pair to further downside, targeting the December 28, 2023 cycle low of 140.25, with an eventual move toward 140.00. On the upside, initial resistance is at the 142.00 mark. If surpassed, the pair could aim for the September 12 high of 143.04, followed by the Tenkan-Sen at 143.96 and finally the Senkou Span A at 144.50.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

RELATED ARTICLES

USD/JPY Outlook: Slips Below 142.00 Amid Weak Dollar

4.0
Overall Trust Index

Written by:

Updated:

September 12, 2024
The USD/JPY pair retreated from its recent high of 143.00, dropping by over 0.28% due to a mix of economic data from the United States (US) that increased expectations for the Federal Reserve’s first rate cut next week. As of now, the pair is trading at 141.96. The pair remains under a downward trend, though Wednesday's long tail suggests a possible short-term rebound and a test of key resistance levels. Despite this, bearish sentiment persists as indicated by the Relative Strength Index (RSI), which shows a flat slope, hinting at potential consolidation in the near term. Key Levels to Watch for USD/JPY Movement
USD/JPY Daily Chart as of September 12th, 2024 (Source: FXStreet)
If USD/JPY closes below 142.00 on a daily basis, it may open the door for traders to push prices towards the September 11 low of 140.71. A breach of this level would expose the pair to further downside, targeting the December 28, 2023 cycle low of 140.25, with an eventual move toward 140.00. On the upside, initial resistance is at the 142.00 mark. If surpassed, the pair could aim for the September 12 high of 143.04, followed by the Tenkan-Sen at 143.96 and finally the Senkou Span A at 144.50.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

RELATED ARTICLES

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