August 25, 2024 at 11:01PM
The USDJPY is moving lower to start the new trading week with the price extending below 144.00. On Friday, the low for the day reached 144.038 before bouncing . The low price just reached 143.993.
Technically, looking at the daily chart, the 50% midpoint of the move up from the January 2023 low comes in a 144.581.. Going into the new trading week, that level will be a bullish/bearish barometer for buyers and sellers. Staying below, keeps the sellers in control.
The low from August reached 141.67. The low for the year was reached on January 2 and extended down to 140.807.
Taking a closer look at the hourly chart, the pair is testing a swing area between 144.03 and 144.44. The low has dipped below the low of that swing area (see chart below), but is seeing so. Getting about 144.447 and then the 50% of the daily chart at 144.581, would give the buyers more confidence at the start of the trading week. Absent that, and the sellers are in firm control.
This article was written by Greg Michalowski at www.forexlive.com.
