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USD/JPY – hits fresh 2016 low, now oversold on intraday charts

FX_IDC:USDJPY   U.S. Dollar/Japanese Yen
Resistance – 107.63, 108.20, 108.76

Support – 107.00, 106.64, 106.00

  • Pair’s dip to fresh 2016 low of 107.07 today pushed hourly and 4-hour RSI in the oversold territory.
  • The hourly RSI is developing bullish divergence . But corrective forces are likely to wait for a move in RSI above 30.00.
  • Till then, doors remain open for a cut through 107.00 and drop to 106.64 (38.2% of 2011 low-2015 high).
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