- USD / JPY registers fresh daily losses on Friday in the European session.
- The pair registers a fall of two consecutive days and falls more than 100 pips.
- Momentum oscillators are clinging to the overbought zone and hinting at further declines for the pair.
The USD / JPY pair extends the fall of the previous day on Friday. The pair opened near the 111.50 level although it retreated quite quickly at the start of the European session. At the time of writing, USD / JPY is trading at 111.11, shedding 0.16% on the day.
USD / JPY daily chart
Technically speaking, the USD / JPY pair has been rising since September 22 and reached a yearly high at 112.08. The bulls look exhausted now and are looking for some immediate support around 111.00-111.20. Now, if the price took a further decline, it would end with a deeper correction. That said, the first downside target could be found at Tuesday’s low of 110.93.
The MACD indicator is trading in the overbought zone. Any downside move in the MACD could put the 110.70 horizontal support zone back into action. The USD / JPY bears would then attempt to retest the September 24 low at 110.25 as the RSI trades near 65.
USD / JPY monthly chart
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On the other hand, the formation of a doji candle suggests indecision among investors. If the price rises above the 111.50 level then the possibility of testing yesterday’s high at 112.08 could not be negated. Also, the USD / JPY bulls could target the December 2018 high at 113.78.
USD / JPY additional levels
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