New lows for the month of September
USDJPY has moved to a new session low and in the process is trading at its lowest level since August 31st. By definition, it is also at new September lows. The price rose to a low of 105.375. The move took the price below yesterday’s low at 105.537 and the September 1 low at 105.585. Staying below each would keep sellers firmly in control now.
The August 28 and August 31 lows are the next targets at 105.289, 105.233 and the August 28 low at 105.193.
Earlier in the London morning session, the price was able to break past last week’s low at 105.782, but that move was dismissed after trading at 105.81 today. The last 4 hourly bars have seen the price drop.
Remember last week the pair traded in a 59 pip trading range which was the second lowest in 2020. The range this week is up to 79 pips.