{"id":5047,"date":"2024-08-05T13:42:30","date_gmt":"2024-08-05T13:42:30","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=5047"},"modified":"2025-05-14T09:45:38","modified_gmt":"2025-05-14T09:45:38","slug":"usdjpy-aug-05-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/usdjpy-aug-05-2024\/","title":{"rendered":"USDJPY: Nikkei Crash and US Unemployment Causes Panic"},"content":{"rendered":"\n

On August 2, 2024, the Nikkei 225 index fell sharply by 5.81%, marking its second-worst drop since the crash of 1987. This decline, driven by fears of a global recession and weak US unemployment data, brought the index to its lowest level in six months\u200b.<\/p>\n\n\n\n

The impact was felt globally, with the S&P 500 falling 4.80%, the Nasdaq 100 dropping 6.40%, and Bitcoin plummeting 24% since Friday.<\/p>\n\n\n\n

The Timeline \u2013 Why was it so volatile last week?<\/h2>\n\n\n\n

Federal Reserve Chair Powell gave a dovish statement on July 31st, causing the S&P 500 to rise by 1.58%, its best performance since February. The following day, fears of a global recession surged as the Dow Jones closed 500 points lower.<\/p>\n\n\n\n

These fears intensified on August 2nd with the U.S. unemployment rate rising to 4.3% in July from 4.1% in June. Adding to the turmoil, the Nikkei dropped 5.81% on the same day, its worst decline since 1987, raising concerns that the Bank of Japan might hike rates, affecting the profitability of carry trades.<\/p>\n\n\n\n

Technical Analysis on USDJPY<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

USDJPY has pierced through a rising trendline formed since late 2023, extending into July 2024. This marks a significant shift in trend direction, and the possibility of an ABC correction taking place in the upcoming days and weeks.<\/p>\n\n\n\n

A possible scenario to look for would be a double bottom consolidation at around the 0.382 Fibonacci retracement level of 139.300<\/strong>, or the Previous Low at 140.317<\/strong>.<\/p>\n\n\n\n

The previous high at approximately 151.837 should serve as a significant resistance for USDJPY, possibly acting as the start of the C wave down lower.<\/p>\n\n\n\n

You may also be interested in:<\/strong><\/p>\n\n\n\n

RBA: Will They, Won\u2019t They, SPX (US500) in Trouble<\/a><\/p>\n\n\n\n

Rate Cuts Showdown: Fed and BOE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A breakdown of what’s happening across the broader markets, and an analysis of USDJPY.<\/p>\n","protected":false},"author":159,"featured_media":5050,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-5047","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"\nUSDJPY: Nikkei Crash and US Unemployment Causes Panic - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"A breakdown of what's happening across the broader markets, and an analysis of USDJPY on August 5th, 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/usdjpy-aug-05-2024\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDJPY: Nikkei Crash and US Unemployment Causes Panic - 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