USD/JPY prolonged its bearish trend and tumbled to multi-week lows, below 105.00 mark. Extremely oversold conditions on hourly charts warrant some caution for bearish traders. Any attempted bounce back above the 105.00 mark might be seen as a selling opportunity. The USD/JPY pair witnessed some heavy selling for the third consecutive session on Wednesday and dived to seven-week lows, around the 104.80 region in the last hour. A sustained breakthrough the 105.40 horizontal support was seen as a key trigger for bearish traders. A subsequent weakness below the key 105.00 psychological mark might have already set the stage for an extension of the depreciating move. However, technical indicators on hourly charts are already flashing oversold conditions and warrant some caution for bearish traders. That said, negative oscillators on the daily chart support prospects for a further near-term downside. Hence, any attempted bounce back above the 105.00 mark might still be seen as a selling opportunity amid expectations that the Fed will stick to its ultra-accommodative policy stance. This should cap the upside near the 105.40 support breakpoint. Some follow-through selling below the 104.70 level will reaffirm the bearish outlook. The pair might then accelerate the downfall towards July monthly swing lows, around the 104.20 region, before eventually sliding below the 104.00 mark. USD/JPY 4-hourly 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 Breaking: Kraken just won approval to create America’s first crypto bank FX Street 2 years USD/JPY prolonged its bearish trend and tumbled to multi-week lows, below 105.00 mark. Extremely oversold conditions on hourly charts warrant some caution for bearish traders. Any attempted bounce back above the 105.00 mark might be seen as a selling opportunity. The USD/JPY pair witnessed some heavy selling for the third consecutive session on Wednesday and dived to seven-week lows, around the 104.80 region in the last hour. A sustained breakthrough the 105.40 horizontal support was seen as a key trigger for bearish traders. A subsequent weakness below the key 105.00 psychological mark might have already set the stage for an… 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.