The Japanese Yen edges lower as traders adopt caution due to increased market volatility. Japan’s Finance Minister Shunichi Suzuki will continue to monitor market developments closely. The US Dollar receives downward pressure due to heightened odds of a 25-basis point rate cut in September. The Japanese Yen depreciates against the US Dollar on Friday.
The daily chart analysis shows that the pair has breached above the descending channel, suggesting a weakening of a bearish bias. Additionally, the 14-day Relative Strength Index is currently at the 30 level. A move toward the 50 level could signal a potential improvement in momentum for the pair. For support levels, the USD/JPY pair might test the upper boundary around the 146.75 level.
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