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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.52% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
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Technical Update - Will the massive sell-off in USDJPY, EURJPY, AUDJPY and GBPJPY end? Find key levels here Technical Update - Will the massive sell-off in USDJPY, EURJPY, AUDJPY and GBPJPY end? Find key levels here Technical Update - Will the massive sell-off in USDJPY, EURJPY, AUDJPY and GBPJPY end? Find key levels here

Technical Update - Will the massive sell-off in USDJPY, EURJPY, AUDJPY and GBPJPY end? Find key levels here

Forex 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

USDJPY sell-off over the past couple of weeks accelerated Fridan and this morning taking the pair below several support levels

USDJPY is now trading back to around December 2023/January 2024 levels. Support at around 140.80-140.25 could be tested

The strength indicator RSI with values around 10-12 is in extremely oversold territory. RSI ranges from 0 to 100 and below 20 is considered oversold. However, that does not mean that an instrument in this case USDJPY cannot drop further.

An asset can stay oversold for quite some time and there is currently no bottom and reversal indications for USDJPY. And there is no divergence on RSI which could indicate (down)trend exhaustion

However, if USDJPY drops to the 140.25 level a bounce could be seen, but if USDJPY takes out 140, there is further downside potential to around 138.
If USDJPY is closing back above 142.85 we could see a rebound towards 145-146.

Source all charts and data: Saxo Group

EURJPY spiked just below support at around 155.05. The strength indicator RSI with values around 10-12 is in extremely oversold territory.

However, if EURJPY takes out today’s low at 154.40 the pair could drop to stronger support around 153.

If it can stay above 155 there is rebound potential to 158 possibly 160

AUDJPY has been spiking down to the support around 90.23 but is now bouncing off lows.

The strength indicator RSI with values around 10 is in extremely oversold territory. However, if AUDJPY drops below 90 the selling pressure could resume with potential down to around 87.

If closing above 91.80 there could be further rebound potential in store for AUDJPY up to around 93.70

GBPJPY is trading in the consolidation area between 184.30 and 178.50, and is likely to test the lower band at around 178.75. If the 178.75 is not broken a rebound to around 184.30 could be seen.

Similar to the other JPY pairs, the strength indicator RSI with values around 10-12 is in extremely oversold territory. If GBPJPY can close back above 184.30 there could be further rebound potential to 187.80

A close below 178.50 could fuel another vawe of selling down to 176.25

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