USD/JPY Current price: 119.90
The USD/JPY pair has lost over 200 pips this Monday, collapsing through the 120.00 level ahead of the US opening, and posting a daily low of 119.53 before finally bouncing some. The pair stands at a fresh 3-month low, and the daily chart shows that the price has broken through its 200 DMA, around 121.00, for the first time since August 2014. Technically, the 1 hour chart shows that the technical indicators are supporting a short term upward corrective movement, and if the price manages to regain the 120.00 level, it can advance up to 120.60. Nevertheless, it would take a recovery above 121.00, the mentioned 200 DMA to confirm the bearish trend is over. In the 4 hours chart, the technical indicators maintain their sharp bearish slopes in extreme oversold levels, with the RSI indicator heading south around 8. Given that Wall Street is pointing to open strongly lower, the pair may resume its decline then, with a break below the mentioned daily low exposing a continued decline towards the 118.80 price zone.View Live Chart for the USD/JPY
Support levels: 119.60 119.20 118.80
Resistance levels: 120.10 120.60 121.00
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