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  • 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