USDJPY plunges to new low. Lower Michigan inflation is contributing to this downward movement.

USDJPY falls below the 61.8% retracement

Looking at the daily chart, the price has broken below the 61.8% retracement of the rise from the 2022 low and is trading at the lowest level since early June 2022. This level sits at 128.16 . The low price reached 127.55. The current price is trading at 127.80.

Staying below the 61.8% retracement at 128.16 allows sellers to stay in control. REMARK. The low earlier in the day found support against this 61.8% level (see previous video here). The May 2022 low was set at 126.348. It’s still a long way off, but still a viable goal with renewed momentum.

Based on the hourly chart below, the day’s low moved closer to 128.10 (just below 61.8 at 128.16). The subsequent modest rally took the price higher to 128.82 before reversing lower over the past three hours or so.

If the buyers are to break back above the 128.16 retracement level on the daily chart, watch the broken trendline at 128.46 as the next closing hurdle. Get past that and traders could start looking back towards the 38.2% retracement of the short move down from Wednesday’s high. This level comes in at 129,581. It is also close to the January low at 129.50.

USDJPY Hits New Day/Week Low

USDJPY is down sharply this week


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