USD/JPY Technical Analysis: Bearish pressure remains unabated despite highly oversold conditions
• The pair extended last month's bearish breakthrough a symmetrical triangular formation and a subsequent fall below the very important 200-day SMA.
• A follow-through selling below 50% Fibo. level of the 104.63-114.55 upsurge was seen as a key trigger for today's sharp bearish slide to sub-109.00 level.
• The set-up clearly supports prospects for an extension of the well-established bearish trend towards testing 61.8% Fibo. level support near the 108.40-35 region.
• However, technical indicators on hourly/daily chart point to highly oversold conditions and might turn out to be the only factor that might help limit the downside.
USD/JPY daily chart
Today Last Price: 108.92
Today Daily change: -83 pips
Today Daily change %: -0.756%
Today Daily Open: 109.75
Previous Daily SMA20: 111.92
Previous Daily SMA50: 112.67
Previous Daily SMA100: 112.35
Previous Daily SMA200: 111.06
Previous Daily High: 109.87
Previous Daily Low: 109.57
Previous Weekly High: 111.41
Previous Weekly Low: 110
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 109.75
Previous Daily Fibonacci 61.8%: 109.68
Previous Daily Pivot Point S1: 109.59
Previous Daily Pivot Point S2: 109.42
Previous Daily Pivot Point S3: 109.28
Previous Daily Pivot Point R1: 109.89
Previous Daily Pivot Point R2: 110.03
Previous Daily Pivot Point R3: 110.19