- The USD/JPY pair remained under some selling pressure for the second consecutive session on Wednesday, albeit showed some resilience below 200-hour SMA.
- The pair managed to find some support near last Friday’s swing lows, around mid-107.00s, which should now act as a key pivotal point for short-term traders.
Meanwhile, technical indicators on the daily chart maintained their bearish bias and have again started gaining negative momentum on the 4-hourly chart. Moreover, oscillators on the 1-hourly chart have recovered from intraday oversold territory and thus, support prospects for an eventual breakdown.
Traders, however, are likely to wait for a sustained break below the mentioned support before positioning for further depreciating move towards the 107.15 intermediate support en-route multi-month lows, around the 106.80-75 region touched last week.
On the flip side, any positive move might now confront some fresh supply near the 108.00 handle, above which the pair is likely to make a fresh attempted towards surpassing the 108.50 intermediate strong resistance before eventually darting towards reclaiming the 109.00 round figure mark.
USD/JPY 1-hourly chart
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