USD/JPY comes under some fresh selling on Thursday and drops to five-month lows. The set-up seems tilted in favour of bears and support prospects for further decline. Bulls might eye October monthly swing lows, around mid-106.00s for some support. The USD/JPY pair failed to capitalize on the previous day’s attempted recovery move and came under some renewed selling pressure on Thursday amid a turnaround in the global risk sentiment. The pair tumbled to fresh five-month lows – further below the 107.00 mark –and now seems to have found acceptance below the 61.8% Fibonacci level of the 104.85-112.23 strong positive move. Given the recent breakdown below the very important 200-day SMA support near the 108.50-40 region, the set-up remains tilted in favour of bearish traders and support prospects for further weakness. However, technical indicators on the daily chart have moved on the verge of breaking into the oversold territory and warrant some caution before positioning for the extension of the downward trend. Hence, any subsequent fall seems more likely to find decent support and attract some decent buying near the October monthly swing lows, around mid-106.00s, which should help limit deeper losses. USD/JPY daily chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Russia’s Siluanov: Russia is prepared for a possible drop in oil prices FX Street 3 years USD/JPY comes under some fresh selling on Thursday and drops to five-month lows. The set-up seems tilted in favour of bears and support prospects for further decline. Bulls might eye October monthly swing lows, around mid-106.00s for some support. The USD/JPY pair failed to capitalize on the previous day's attempted recovery move and came under some renewed selling pressure on Thursday amid a turnaround in the global risk sentiment. The pair tumbled to fresh five-month lows – further below the 107.00 mark –and now seems to have found acceptance below the 61.8% Fibonacci level of the 104.85-112.23 strong positive move.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.