USD/JPY is trading over 1.0% lower on Wednesday as it extends its bearish trend reversal after peaking at the July 10 highs and then rolling over.
USD/JPY is extending its downmove as it continues selling-off. Both the short and medium-term trends are now probably bearish. The pair now targets the October 2021 high in the 151s. After the recent bout of weakness, it could now be argued that both the short and probably medium-term trends have turned bearish. Given the old adage that “the trend is your friend” the odds favor a continuation lower over those time frames.
8% Fibonacci extension of the down move prior to the major trendline break, extrapolated lower. It has also now almost reached 153.21, the 100% extrapolation of the same. It is possible prices could continue falling to the next obvious target at 151.84 and a key support level . The Relative Strength Index is just about in oversold territory on an intraday basis.
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