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USD/JPY Analysis: Technical Tuesday – August 6, 2024
The spotlight is on the USD/JPY and other yen crosses right now, with a particular focus on the ongoing unwind of carry trades that continues to make waves across financial markets. This USD/JPY analysis follows last week’s hawkish Bank of Japan meeting and recent US economic data that showed some signs of weakness, raising recession alarm bells. The stronger services PMI data helped to alleviate those concerns somewhat, but markets remain under pressure, nonetheless. The USD/JPY is hitting extreme oversold levels following the big drop. The daily RSI indicator moved to below 15, marking a level that’s rarely ... (full story)