Still Failing to Continue Climbing, USD/JPY Loses Again - Kakiforex.com - Financial Market Media No. 1 in the World Still Failing to Continue Climbing, USD/JPY Loses Again Still Failing to Continue Climbing, USD/JPY Loses Again
InstaForex

September 10, 2021

Still Failing to Continue Climbing, USD/JPY Loses Again

 The USD/JPY chart has refuted investors' positive expectations to see higher prices this weekend following yesterday's rebound.


The US dollar was seen moving weaker against the Yen on Thursday after the strengthening momentum by the king of the currency failed to be sustained as in earlier trading of the week.


Since trading earlier in the week, the US dollar has exhibited a strengthening as a safe-haven currency following risky market sentiment overturning the Yen affected by domestic factors in Japan.


The Yen was also supported by the issuance of the final reading for Japan's Gross Domestic Product (GDP) growth for the second quarter which was higher than the previous reading.


After the price moved flat and tested the resistance level of 110.400 last Wednesday, the price again made yesterday’s decline below the Moving Average 50 (MA50) support level on the 1 -hour time frame for a bearish signal.


The price has slipped to the support zone around 109.700 which has been an important support zone from falling lower in recent weeks.



Expectations for a lower decline before the close of trading this week will head to the next support zone at 109.300 to record the latest 3 -week low.


Yet if the price manages to rebound past the MA50 barrier, the 110.400 resistance zone will once again be tested this week.


A higher price increase above the resistance is seen to test the 110.600 high before continuing to rise.