Today I’m going to show you where I think USDJPY is going in September and why.
We’ll also look at the JPY index and how today’s price action may affect the yen pairs next month.
Watch the video below and scroll down for the annotated charts and analysis.
The Japanese yen was a challenging currency to trade all month.
It’s one reason I focused most of my attention on non-yen pairs.
However, August is finishing with an intriguing move from the currency.
You have to be careful with end-of-month moves, but the pattern I’m seeing from the JPY is broad and consistent.
In other words, we can see similar movement in pairs like EURJPY, CADJPY, and even CHFJPY.
And that’s reflected in the JPY index I discuss in the video above.
I like buying the currency as long as the yen can hold today’s breakout in the first week of September.
That means looking for shorts from the yen crosses and even USDJPY.
If USDJPY closes below the August 6th trend line at 145.90, we could get that pullback toward the 144.80 pivot.
I’ve recently mentioned to Daily Price Action members about the possibility of a 143.00 retest from USDJPY.
That’s the trend line from 2022, a level yet to be tested as new support.
With that said, anticipate some consolidation from the 144.80 region, as that’s a critical horizontal pivot for USDJPY.
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