Dollar-Yen Nears 'Death Cross' as Yen Strength Signals Trend Reversal

The U.S. dollar-yen currency pair is approaching a "death cross," a technical pattern expected to be confirmed by early October 2026, signaling a potential reversal of the 17-month uptrend that has pressured Japan's economy. The dollar fell 1% against the yen on Friday, September 25, 2026, its biggest one-day drop in three weeks. The selloff followed Treasury Secretary Scott Bessent's social media post endorsing President Trump's support for a "strong yen." The move below a trend line tracking the rally from April 2025 lows, combined with a failed test of the 200-day moving average, leaves the pair vulnerable to a test of 152 support. The pending death cross — the 50-day moving average crossing below the 200-day — would be the first since March 25, 2025. Oppenheimer's Ari Wald said the pattern "strengthens the case for a trend reversal."