USD/JPY Price Forecast: Struggles at 144.00 tumbles after hitting two-week peak
24.09.2024, 20:45

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

  • USD/JPY retreats after a two-week peak of 144.68, dragged down by declining US Treasury yields.
  • Technical indicators maintain a bearish stance with the pair below the Ichimoku Cloud and 200-DMA, suggesting more declines.
  • Key supports identified at the September 20 low of 141.73 and the September 16 low of 139.58.
  • For a bullish reversal, USD/JPY must surpass the Kijun-Sen at 143.44, with further hurdles at 144.00 and the recent high of 144.68.

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

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.60% -0.50% -0.30% -0.80% -0.78% -1.17% -0.50%
EUR 0.60%   0.10% 0.29% -0.24% -0.18% -0.59% 0.09%
GBP 0.50% -0.10%   0.19% -0.30% -0.27% -0.69% 0.00%
JPY 0.30% -0.29% -0.19%   -0.48% -0.49% -0.89% -0.20%
CAD 0.80% 0.24% 0.30% 0.48%   0.02% -0.38% 0.31%
AUD 0.78% 0.18% 0.27% 0.49% -0.02%   -0.39% 0.29%
NZD 1.17% 0.59% 0.69% 0.89% 0.38% 0.39%   0.70%
CHF 0.50% -0.09% -0.01% 0.20% -0.31% -0.29% -0.70%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

 

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