USDJPY Strongly Bearish Below 111.30


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.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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