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USD/JPY PRICE ANALYSIS: SINKS TO FIVE-MONTH LOWS FUELED BY REIGNITED US RECESSION FEARS

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  • USD/JPY falls to 146.41, lowest since March, amid worse-than-expected US economic data.
  • Technical outlook: Strong support at 146.48; a close below targets 146.00, 145.50, and 145.00 levels.
  • RSI indicates potential for upward correction; resistance at 147.00 and cycle low at 151.86 if buyers regain control.

The USD/JPY collapsed to a five-month low of 146.41 on Friday following the release of worse-than-expected US economic data that increased the odds for a Federal Reserve cut at the September meeting. Hence, the US 10-year Treasury bond yield, closely correlated to this pair, tumbled sharply below the 4% threshold, while the major dropped after hitting a daily high of 149.77.  At the time of writing, the pair exchanges hands at 146.62, down by more than 1.80%.


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