As the American dollar remains weak, the USD/JPY pair trades at fresh monthly lows. The pair fell to 104.29, and trades nor far above this last, ready to pierce July’s monthly low at 104.18, FXStreet’s Chief Analyst Valeria Bednarik reports.
“Japan published August National inflation figures, which missed expectations. Annual CPI increased by just 0.2%, while the core reading came in at -0.4% as expected. The US session will bring the preliminary estimate of the September Michigan Consumer Sentiment Index, foreseen at 75 from 74.1 in August.”
“The 4-hour chart shows that the USD/JPY pair keeps developing below a firmly bearish 20 SMA, while the larger ones slowly turn south well above the shorter one, signaling strong selling interest in the short-term. Technical indicators are directionless although well into negative territory.”
“The immediate support level is 104.18 July monthly low, with a break below it anticipating a steeper decline ahead.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.