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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

USD/JPY

Overview:
    Today Last Price: 108.92
    Today Daily change: -83 pips
    Today Daily change %: -0.756%
    Today Daily Open: 109.75
Trends:
    Previous Daily SMA20: 111.92
    Previous Daily SMA50: 112.67
    Previous Daily SMA100: 112.35
    Previous Daily SMA200: 111.06
Levels:
    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

 

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