USDJPY slips to new session low as sellers eye key support zone ...Middle East

Zooming in on the hourly chart, the most recent rebound from the monthly low stalled at 144.02, falling short of the 38.2% retracement of the decline from the March 28 high at 151.20 (which sits at 144.20). That failure capped the bullish momentum and paved the way for renewed downside pressure.

The key question now is whether sellers can sustain momentum and force a break below the lower boundary of the support zone at 141.64. A firm break would open the door for a retest of the monthly low near 139.89, and potentially the 2024 low at 139.57.

This article was written by Greg Michalowski at www.forexlive.com.

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