- USDJPY dives below 140.70 key level
- Momentum oscillators continue downside pressure
USDJPY has declined considerably towards a new 14-month low of 139.56 earlier today, continuing the significant sell-off. The price has been in a bearish tendency since mid-August with the technical oscillators confirming the current move. The MACD oscillator is standing beneath its trigger and zero lines, while the RSI is crossing below the 30 level.
More downside pressures may drive the bears until the July 2023 trough of 137.25 before tumbling to the 133.00 psychological mark, registered in April 2023.
On the other hand, a climb above the restrictive region of 140.25 – 140.70 may open the way towards the 20-day simple moving average (SMA) at 141.45. Slightly higher, the short-term descending trend line at 141.70 may halt upside actions.
In brief, USDJPY has changed the short- and medium-term timeframes to bearish, especially after the break down below the 140.70 bottom.
