USDJPY Multi-Timeframe Approaching Oversold, Nearing Fib Support

FX:USDJPY   U.S. Dollar / Japanese Yen
294 3 8
Watch for acceptance of the fib support for USDJPY             .

This approach to the fib support is coinciding nicely with RSI on both 1H and 4H indicating the pair is oversold. The result may be a quick burst up to the descending trend resistance shown on the chart.
Whats your take on USDJPY. Currently looks like its paused its last 2 day movement. A drop could take it to 105.30 as per weekly chart. Your inputs are greatly appreciated.
We wait for the moment USDJPY at 111-110. if there is no intervention from the BOJ here, if this level is penetrated, then UJ will continue to fall.
+1 Reply
I'm inclined to agree. Can't say where it might find support again if it sustains a break of the 111-110 area.
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