Today’s Technical Analysis
2 September 2026
■ Summary
Today’s main themes are yen strength, weakness in the New Zealand dollar and pound, and broad global equity-market declines.
USD/JPY is trading at 159.69 and has turned to Strong Sell from the short-term charts through the hourly chart. EUR/JPY, GBP/JPY, CHF/JPY, and CAD/JPY are also aligned to the downside, showing a renewed shift toward yen buying after yesterday’s yen selling.
In terms of relative currency strength, the yen is strong, while the New Zealand dollar and pound are particularly weak. AUD/NZD is Strong Buy across all timeframes, and EUR/GBP is also Buy across all timeframes, clearly highlighting the relative weakness of NZD and GBP.
Gold and silver have turned to Strong Buy on the 5-minute and 15-minute charts, but their daily charts remain Strong Sell. While a short-term rebound is underway, it is too early to conclude that the medium- to long-term downtrend has ended.
Equity markets are broadly weak, with the Nikkei Average especially showing Strong Sell across all timeframes. The Dow, S&P 500, Nasdaq 100, DAX, and CAC 40 are also dominated by sell signals from the hourly chart through the daily chart. Some indices are showing short-term rebounds, but the basic bias remains to sell on rallies.
■ FX Market
EUR/USD 1.1577
The 5-minute chart is Strong Buy, the 15-minute chart is Neutral, and the hourly and daily charts are Strong Sell.
EUR/USD is rebounding in the very short term, but the hourly and daily downtrends remain intact. The 5-minute buy signal alone is not sufficient to confirm a bottom. The basic bias remains to sell after rebounds.
GBP/USD 1.3489
The 5-minute chart is Neutral, the 15-minute and hourly charts are Strong Sell, and the daily chart is Sell.
GBP/USD is aligned to the downside from the short term through the daily chart. Having fallen below 1.3500, the pound’s relative weakness is becoming more apparent.
The basic approach is to sell on rallies, but rather than chasing the decline after a move lower, it is preferable to wait for a short-term rebound to stall.
USD/JPY 159.69
The 5-minute, 15-minute, and hourly charts are Strong Sell, while the daily chart is Buy.
USD/JPY has retreated from the 160 range seen yesterday, with the short term clearly shifting toward yen buying. Although the daily uptrend remains in place, short-term sell-on-rallies are favored for now.
For daily-trend buy-on-dips positions, the hourly chart should first improve from Sell to Neutral or Buy.
USD/CHF 0.8144
The 5-minute chart is Strong Sell, the 15-minute chart is Neutral, and the hourly and daily charts are Strong Buy.
Short-term correction and the medium- to long-term uptrend are in conflict. Since dollar strength and Swiss franc weakness are clear on the hourly and daily charts, USD/CHF could become a buy-on-dips candidate once short-term selling subsides.
AUD/USD 0.7143
The 5-minute and 15-minute charts are Strong Buy, the hourly chart is Sell, and the daily chart is Strong Buy.
AUD/USD is rebounding in the short term, but downside pressure remains on the hourly chart. It may return to the daily upward direction, but caution is warranted until the hourly chart turns Neutral or Buy.
NZD/USD 0.5823
The 5-minute and 15-minute charts are Neutral, while the hourly and daily charts are Strong Sell.
The New Zealand dollar is particularly weak among the major currencies today. Although there are signs of a short-term rebound, the medium-term and daily downtrends are clear.
The basic bias remains to sell on rallies.
■ JPY Crosses
EUR/JPY 184.88
The 5-minute, 15-minute, and hourly charts are Strong Sell, while the daily chart is Neutral.
Yen buying is aligned from the short term through the hourly chart. The daily chart has also failed to maintain a buy signal, leaving sell-on-rallies as the basic approach.
GBP/JPY 215.42
The 5-minute, 15-minute, and hourly charts are Strong Sell, and the daily chart is also Sell.
Pound weakness and yen strength are overlapping, making GBP/JPY one of the weakest yen crosses in the current market. The downside is aligned from the short term through the daily chart, and sell-on-rallies remain favored.
CHF/JPY 196.09
The 5-minute chart is Sell, while the 15-minute, hourly, and daily charts are Strong Sell.
CHF/JPY is also in a broad downtrend. With USD/CHF showing Strong Buy on the hourly and daily charts, Swiss franc weakness is overlapping with yen strength.
The basic bias remains to sell on rallies.
AUD/JPY 114.06
The 5-minute chart is Strong Buy, the 15-minute chart is Buy, the hourly chart is Strong Sell, and the daily chart is Strong Buy.
A short-term rebound is underway, but the hourly downtrend remains in place. For long positions, it is preferable to wait for the hourly chart to improve from Sell.
NZD/JPY 92.98
The 5-minute and 15-minute charts are Neutral, while the hourly and daily charts are Strong Sell.
NZD weakness and yen strength are combining to create a clear downtrend. Short-term direction has become less decisive, but the basic bias remains to sell on rallies.
CAD/JPY 114.68
The 5-minute and hourly charts are Strong Sell, the 15-minute chart is Sell, and the daily chart is Neutral.
Oil prices remain elevated, but the impact of yen buying is outweighing support for the Canadian dollar. Sell-on-rallies are favored from the short term through the hourly chart.
■ Other Currency Pairs
EUR/GBP 0.8583
The 5-minute and daily charts are Buy, while the 15-minute and hourly charts are Strong Buy.
Euro buying and pound selling are aligned across all timeframes. EUR/GBP is one of the clearest indicators of pound weakness.
The basic bias favors buying on dips.
AUD/NZD 1.2266
All timeframes are Strong Buy.
The Australian dollar is significantly outperforming the New Zealand dollar. This is the clearest relative-currency trend in the current FX market.
The basic bias favors buying on dips, although chasing highs after a sharp advance requires caution.
EUR/CHF 0.9428
The 5-minute chart is Sell, the 15-minute chart is Neutral, and the hourly and daily charts are Strong Buy.
EUR/CHF is correcting in the short term, but euro buying and Swiss franc selling dominate from the medium term through the daily chart. It may become a buy-on-dips candidate once the 5-minute sell signal fades.
■ Gold and Silver
Spot Gold $4,327.07
Gold Futures $4,374.01
The 5-minute and 15-minute charts are Strong Buy, the hourly chart is Neutral, and the daily chart is Strong Sell.
Short-term short covering has developed following the declines seen through yesterday. However, both moving averages and indicators remain Strong Sell on the daily chart.
The current buying should be viewed as a short-term rebound rather than confirmation that the daily downtrend has reversed. In line with the daily direction, selling after rebounds remains favored.
Spot Silver $64.2720
Silver Futures $64.861
The 5-minute and 15-minute charts are Strong Buy. On the hourly chart, spot silver is Buy and silver futures are Neutral. The daily chart is Strong Sell.
Silver’s rebound has extended further into the hourly chart than gold’s. However, the daily chart remains Strong Sell.
Buying may be considered for short-term trades, but medium- to long-term positions must account for the conflict with the daily sell-on-rallies trend.
■ Crude Oil and Natural Gas
WTI Crude Oil $89.58
The 5-minute and 15-minute charts are Strong Sell, the hourly chart is Sell, and the daily chart is Strong Buy.
A correction is developing from the short term through the hourly chart against the daily uptrend. Rather than chasing longs at elevated levels, it is preferable to wait for short-term selling to subside and for the hourly chart to turn back to Buy.
The timeframes are in conflict: sell-on-rallies in the short term, while the daily chart presents a buy-on-dips opportunity.
Natural Gas 2.938
The 5-minute and hourly charts are Sell, the 15-minute chart is Neutral, and the daily chart is Strong Buy.
Short-term correction continues against the daily uptrend. With the hourly chart on Sell, long positions should wait for confirmed reversal signals.
■ BTC/USD
BTC/USD $76,700
The 5-minute chart is Neutral, the 15-minute chart is Sell, the hourly chart is Strong Sell, and the daily chart is Buy.
BTC maintains its daily upward bias, while the hourly downtrend continues. Whether it can find short-term support in the $76,000 range is important.
For now, the bias favors short-term selling on rallies. Daily-trend buy-on-dips positions should wait for improvement on the hourly chart.
■ Equity Markets
NY Dow 52,766.88
The 5-minute chart is Neutral, while the 15-minute, hourly, and daily charts are Strong Sell.
The Dow is in a clear downtrend from the short term through the daily chart. The basic bias is to sell on rallies, while contrarian longs should be avoided until reversal signals emerge.
S&P 500 7,631.47
The 5-minute chart is Buy, the 15-minute and daily charts are Sell, and the hourly chart is Strong Sell.
The S&P 500 is rebounding in the very short term, but the hourly and daily directions remain lower. The 5-minute buy signal should be treated as a technical bounce, and the basic bias remains to sell on rallies.
Nasdaq 100 29,077.22
The 5-minute chart is Buy, the 15-minute chart is Sell, and the hourly and daily charts are Strong Sell.
The Nasdaq 100 was Strong Buy across all timeframes yesterday but has deteriorated significantly today. Apart from the very short-term rebound, the downward direction is clear, symbolizing the abrupt shift in the equity market.
The basic bias remains to sell on rallies.
DAX 25,829.05
The 5-minute chart is Strong Buy, the 15-minute chart is Neutral, the hourly chart is Strong Sell, and the daily chart is Sell.
The short-term rebound conflicts with the medium-term and daily decline. Rather than following the 5-minute buy signal, it is preferable to determine whether the rebound spreads to the hourly chart or loses momentum again.
UK 100 10,752.35
The 5-minute chart is Strong Buy, the 15-minute chart is Buy, the hourly chart is Sell, and the daily chart is Neutral.
Among European equity indices, the UK 100 is showing a relatively strong short-term rebound. However, with the hourly chart still on Sell, this cannot yet be viewed as a medium-term resumption of the uptrend.
CAC 40 8,279.26
The 5-minute chart is Strong Buy, the 15-minute chart is Buy, and the hourly and daily charts are Strong Sell.
A short-term rebound is underway, but the medium-term and daily trends remain lower. It is a sell-on-rallies candidate if the rebound loses momentum.
Nikkei Average 64,325.64
All timeframes are Strong Sell.
Moving averages and indicators are fully aligned to Strong Sell from the 5-minute chart through the daily chart. The Nikkei is the weakest major equity index in the current market.
Until a clear reversal signal emerges, contrarian buying should be avoided and the basic bias should remain to sell on rallies.
■ Strength Ranking
Clearly Aligned Buy Direction
・AUD/NZD
・EUR/GBP
・EUR/CHF on the hourly and daily charts
・AUD/USD in the short term
Clearly Aligned Sell Direction
・Nikkei Average
・GBP/JPY
・CHF/JPY
・NZD/JPY
・NZD/USD
・NY Dow
・Nasdaq 100
・CAC 40
■ Trading Strategy
Buy-on-Dips Candidates
・AUD/NZD
・EUR/GBP
・EUR/CHF
・USD/CHF
・AUD/USD on the daily chart
・WTI crude oil on the daily chart
Sell-on-Rallies Candidates
・GBP/USD
・NZD/USD
・EUR/JPY
・GBP/JPY
・CHF/JPY
・NZD/JPY
・CAD/JPY
・Gold on the daily chart
・Silver on the daily chart
・BTC/USD in the short term
・NY Dow
・S&P 500
・Nasdaq 100
・DAX
・CAC 40
・Nikkei Average
Candidates for Short-Term Rebounds Only
・Gold
・Silver
・AUD/JPY
・DAX
・UK 100
・CAC 40
■ Points of Caution
Sell signals are broadly aligned across equity indices today. Selling U.S., European, and Japanese equities at the same time effectively creates overlapping exposure to a global equity-market decline. Rather than holding multiple positions, it is safer to focus on the index with the clearest direction, such as the Nikkei Average or NY Dow.
The same applies to yen crosses. Selling EUR/JPY, GBP/JPY, CHF/JPY, and NZD/JPY simultaneously results in overlapping yen-long exposure. GBP/JPY and CHF/JPY, where direction is clearest, should take priority.
Gold and silver are showing strong short-term rebounds, but their daily charts remain Strong Sell. Short-term buying and daily sell-on-rallies strategies should not be confused; holding periods need to be clearly separated.
Overall, today’s central themes are yen strength, NZD weakness, pound weakness, and global equity-market declines. Precious metals and European equities are rebounding in the short term, but the hourly and daily downtrends should remain the priority.
