December 21, OctaFX – The US dollar remains under downside pressure against the Japanese yen, with the risk-sensitive pair trading at its weakest level since October this year.
USDJPY Technical Analysis
The USDJPY pair may have reached its short-term bearish objective, as the latest decline extended below the 111.00 level. Technically, the MACD and RSI indicators on the four-hour time frame have reached extremely oversold levels.
- The USDJPY pair is strongly bearish while trading below the 111.30 level, key technical support is found at the 111.00 and 110.50 levels.
- If USDJPY buyers move price above the 111.30 level, a technical correction towards the 111.70 and 112.00 levels remains possible.
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