JPY – USD/JPY is technically oversold

The dollar fell to 146.52 yen at one point, its lowest since early October last year. The current closer support is expected to be at 146 and 145 levels, and the larger support is seen at 143. However, the RSI and stochastic index have been trading sideways in the severely oversold area for a long time. It is expected that the downward space for the US dollar against the Japanese yen will be limited, and there is even hope that a counterattack will be launched soon. The resistance level will first look back at 148. The next key will be the downward trend line formed by the recent decline, which is currently at 149.30. If it breaks, it will further confirm that the US dollar can rise again against the yen. The extended target will then be seen at the 150 mark and the 151.10 level. The 250-day moving average of 152.65 is another reference.

Estimated range:
Resistance 148.00 – 149.30 – 150.00 – 151.10 – 152.65
Support 146.00 – 145.00 – 143.00

Focus:
Wednesday:
Japan February CGPI (07：50)

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