JPY – The Japanese Yen has initially formed a head-and-shoulders pattern

As for the USD/JPY trend, the RSI and Stochastics indicators on the technical charts remain downward, suggesting continued weakness. Extended targets include 147 and the 100-day moving average of 145.50, followed by 143.40 and 142.60. Resistance is seen at 148.50 and the 250-day moving average of 148.90. Significant resistance lies at the 150 level and the March 28 high of 151.22.

Estimated range:
Resistance: 148.50 - 148.90 - 150.00 - 151.22
Support: 146.700 - 145.50 - 143.40 - 142.60

Focus:
Wednesday
Japan's June core machinery orders and July trade balance (07:50)

Thursday
Japan's August preliminary PMI (08:30)

Friday
Japan's July CPI (07:30)

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