The Yen Is Losing Momentum
The USDJPY has been on a notable decline, falling by 4.4% so far in September after experiencing a 2.4% drop in August. This downtrend has brought the pair to its lowest levels since July 2023. Historically, USDJPY has tended to rise in September, making this year's performance an anomaly. However, the pair has recently broken through the resistance of its downtrend, which could signal a potential for recovery.
From a technical perspective, the ideal zone for opening long trades is around the 139.000-141.000 range, where a strong support level lies. If this support holds, the pair could potentially rebound toward an upside target of 150.000-152.000, representing a possible gain of 7.0-8.0%.
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