USDJPY Not oversold
The US dollar is trading towards the worst levels of the year so far against the Japanese yen as financial markets remain in risk-off mode. The Relative Strength Index indicator on the daily time frame shows that the USDJPY pair is not yet oversold, despite recent heavy selling. Technical analysis highlights the 102.30 level as an important upcoming area of support for USDJPY.
The USDJPY pair is only bullish while trading above the 103.50 level, key resistance is found at the 104.00 and 104.50 levels.
The USDJPY pair is only bearish while trading below the 103.50 level, key support is found at the 102.30 and 101.00 levels.