“¢ The pair struggled to capitalize on its intraday bounce from over six-week lows and oscillated in a narrow trading band around the 110.00 handle through the early North-American session.
“¢ Given last week’s bearish break below 2-1/2-month-old ascending trend-line, the attempted recovery move might still be categorized as corrective amid oversold conditions on the 4-hourly chart.
“¢ Meanwhile, bearish technical indicators on the daily chart support prospects for an extension of the depreciating and will be reaffirmed on a sustained break below the 109.70-60 support zone.
“¢ Below the mentioned region, the pair is likely to accelerate the fall further towards 109.35 support before eventually dropping to test the 109.00 round figure mark and 108.75 horizontal level.
USD/JPY daily chart
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