USD/JPY is revisiting the 111.30/25 horizontal-supporting during early Tuesday. The pair has been respecting the rest-region since early-April.
Should prices refrain from respecting oversold levels of 14-bar relative strength index (RSI) and slip beneath 111.25, sellers can aim for 110.95/90 support-zone comprising highs of March 21 and 29.
It should also be noted that pair’s extended downturn past-110.90 might not refrain to challenge 61.8% Fibonacci retracement of its March 25 to April 05 upside, 110.50.
Meanwhile, a downward sloping trend-line stretched since Friday could limit the quote’s immediate upside near 111.55, a break of which can propel prices to 111.70 and recent highs near 111.85.
Given the buyers’ dominance above 111.85, 61.8% Fibonacci expansion (FE) of March 29 to April 08 moves near 112.10 could flash on their radar to target.
USD/JPY hourly chart
Trend: Pullback expected
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