Forex analytics and overview
Is the Japanese Yen Nearing a Historic Bottom?
2024.07.24 17:24
The currency has been in a strong selloff for the past 12+ years.
Today, we ask: Could the Yen finally be bottoming?
As you can see on the long-term monthly chart of the Japanese Yen below, the currency needs some bulls.
The latest selloff has the Yen testing its 30-year lows. However, the current formation is a bullish falling wedge that gains support from a bullish rising RSI divergence.
The most important thing to note is that a breakout at (1) would be short-term bullish…with implications that could spread to the longer term. Stay tuned.
