With the relative strength index (RSI) on the 4-hour and hourly charts reporting oversold conditions with a below-30 print, USD/JPY could rise above 110.00 in the next few hours. The corrective bounce, however, could be short-lived, as the daily chart is biased toward the bears – the pair closed below the trendline trending north from Jan. 4 and Jan. 31 lows, confirming a bull-to-bear trend change. Supporting that bearish case are the descending 5- and 10-day moving averages and the below-50 reading on the 14-day RSI. The heightened recession fears and the resulting risk-off tone in the equities also indicate that the path of least resistance in USD/JPY is to the downside. As of writing, the pair is trading 109.84, having hit a low of 109.70 earlier today. Daily chart Trend: Bearish 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 GBP/USD clings to 1.3200 amid Brexit pessimism FX Street 4 years With the relative strength index (RSI) on the 4-hour and hourly charts reporting oversold conditions with a below-30 print, USD/JPY could rise above 110.00 in the next few hours. The corrective bounce, however, could be short-lived, as the daily chart is biased toward the bears - the pair closed below the trendline trending north from Jan. 4 and Jan. 31 lows, confirming a bull-to-bear trend change. Supporting that bearish case are the descending 5- and 10-day moving averages and the below-50 reading on the 14-day RSI. The heightened recession fears and the resulting risk-off tone in the equities… 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.
