USD/JPY is testing support at key lows from where it bottomed and pulled back during August.
USD/JPY has fallen to a key low – if it breaks and closes below it could threaten the uptrend. Such a move would probably turn the odds more in favor of bears. If price breaks back below these lows it could risk signaling a reversal of the long-term uptrend, and suggest a major bearish shift in the technical outlook for the pair. USD/JPY Daily Chart The pair has already broken below a major multi-year trendline, suggesting the long-term uptrend has been undermined.
However, to confirm a reversal, price would have to break and close below the August 5 low at 141.69. Strong support comes in at 140.25 and this could slow the pair’s descent. A break below that level too, would provide even more confirmatory evidence of a reversal in the trend.
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