USDJPY Multi-Timeframe Approaching Oversold, Nearing Fib Support

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U.S. Dollar/Japanese Yen (FX:USDJPY)

FX:USDJPY U.S. Dollar/Japanese Yen

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.

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about USDJPY 7

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.

Fatary

I'm inclined to agree. Can't say where it might find support again if it sustains a break of the 111-110 area.

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.

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