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Japanese Yen: August Close Could Set the Stage for a Major Directional Move

Published 08/20/2024, 02:43 PM
USD/JPY
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JP225
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VIX
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We discussed the prospect of a low on the Japanese Yen currency several weeks ago.

You can see the original chart below.

JPY/USD-Monthly Chart

The Japanese Yen did rally off important price support and many assets worldwide got a little goofy, the VIX Volatility Index blasted off while the Nikkei dropped more than 20% in a day.

But, at mid-month, the Yen created a monster bearish reversal pattern after testing important price resistance.Yen-Monthly Chart

Where the Yen ends the month would be critical for the next direction.

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