USD/JPY intraday: the RSI is oversold

USDJPY

Trading Central 2021-02-23 03:10:05

Our pivot point stands at 105.21.

Our preference: the downside prevails as long as 105.21 is resistance.

Alternative scenario: above 105.21, look for 105.43 and 105.57.

Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 105.30 and 105.48).

Supports and resistances:

105.57 **

105.43 *

105.21 **

105.12

105.02 last

104.74

104.61 **

Disclaimer

The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.