USD/JPY technical analysis: Oversold RSI favors further increase from 107.55/50

9-day old horizontal support-zone triggered the USD/JPY pair’s U-turn amid oversold RSI.
Immediate descending trend-line, 100-HMA seem on the buyers’ radar.

Anil Panchal FXStreet

Having bounced off the near-term horizontal support-zone, amid oversold RSI, the USD/JPY pair takes the bids to 107.62 during early Wednesday.

A 2-day old descending trend-line at 107.75 and 100-hour moving average (100-HMA) seem immediate resistances to watch whereas June 27 high around 108.17 can please the buyers then after.

Assuming the price rally beyond 108.17, current month high surrounding 108.54 and June-end tops surrounding 108.85 could be targeted if holding long positions.

Alternatively, bears’ resistance in respecting 14-bar relative strength index (RSI) highlights the importance of 107.25 and June 25 bottom close to 106.80

USD/JPY hourly chart

Trend: Pullback expected

1. R3 109.03
2. R2 108.75
3. R1 108.32
PP 108.04
1. S1 107.61
2. S2 107.33
3. S3 106.9

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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