- USD/JPY seesaws near June month low amid oversold RSI conditions.
- Prices can slump to 105.30 on a downside break while having multiple upside barriers.
Following its failure to rise beyond 100-day EMA, USD/JPY revisits June lows while trading near 107.06 ahead of European market open on Friday.
June month low near 106.78 now grabs sellers’ attention amid oversold conditions of 14-day relative strength index (RSI) as a break of which can drag the quote to 105.30 ahead of highlighting March 2018 low surrounding 104.60.
During the pullback, mid-July low near 107.20, 108.00 and 21-day exponential moving average (EMA) level of 108.15 is likely immediate resistances that can please buyers.
On a further run-up above 21-day EMA, 61.8% Fibonacci retracement of March – October 2018 upside at 108.43 and 109.00 hold the gate for the pair’s another confrontation to 100-day EMA level of 109.18.
USD/JPY daily chart
Trend: Pullback expected