USDJPY Forecast: Pair Hits 6-Month Low as BOJ Rate Hike Expectations Grow

USDJPY hit a 6-month low

On Monday, USDJPY decreased by more than 1%. It came close to 154 mark, and hit a 6-month low.

The BOJ was expected to increase the interest rate in September

The BOJ may increase the interest rate on 18^th September, the BOJ Governor Kazuo Ueda and the member Takada said recently.

The USDX climbed

On Monday, the USDX was prone to fluctuation and fell. It broke below the 99 mark for some time. It ended down 0.26% at 98.91.

The bearish market trend prevailed

the Chart of the Day

On the chart of the day, USDJPY continued falling. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that USDJPY will fall further. Investors should focus on whether USDJPY will break through the support at 153.0. It will decline with potential support at 152.0 if it breaks below 153.0.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether USDJPY will break through the resistance at 154.0. Investors could sell if it rebounds but is capped at 154.0.

Key resistance: 154.0,154.8

Key support: 153.0,152.0

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as USDJPY rebounds during the day.