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USD/JPY Price Forecast: Struggles at 144.00 tumbles after hitting two-week peak

The USD/JPY retreats after hitting a two-week high of 144.68, sliding some 0.28%. The Greenback is getting battered by worse-than-expected US data and falling US Treasury yields. This and investors' pricing in a 50-basis point (bps) rate cut by the Fed undermined the pair, which trades at 143.14. USD/JPY Price Forecast: Technical outlook Despite testing the 144.00 figure for three consecutive trading days, the pair remains in a sustained downtrend. USD/JPY buyers failed to conquer the previously mentioned price level, spurring a leg-down on Tuesday. The Relative Strength Index (RSI) hints that momentum favors sellers. USD/JPY remaining below the Ichimoku Cloud (Kumo) and the 200-day moving average (DMA) could pave the way for testing lower prices. The next critical support level will be the September 20 low of 141.73, ahead of dropping to the September 16 low of 139.58. Conversely, if USD/JPY edged toward the Kijun-Sen at 143.44 and clears that level, the pair could aim to challenge 144.00. Further upside is seen over the two-week high of 144.68. USD/JPY Price Action – Daily Chart

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Publication date:

2024-09-24 21:05:18 (GMT)

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