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USD/JPY slides farther

The USD/JPY pair prolonged its bearish trajectory and dropped to over one-month lows near the 110.65 region during European trading session on Monday.

The selling bias remains unabated at the start of the new trading week, with the pair confirming Friday's bearish break below the important moving averages (50, 100 & 200-day SMAs) confluence support near 111.75-65 region. 

The pair traded with a negative bias for the eighth session in the previous ten amid persistent US Dollar selling interest, led by renewed political jitters from the US. This coupled with the prevalent risk-off environment was also seen benefitting the Japanese Yen's safe-haven appeal and further collaborated to the pair's sharp slide to the lowest level since mid-June.

It would now be interesting to see if the pair continues with its near-term bearish trajectory and aim towards challenging the key 110.00 psychological mark ahead of Wednesday's FOMC monetary policy decision, which would be looked upon for some immediate respite for the USD bulls.

Next on tap would be the US economic docket, featuring the release of flash PMI prints (services and manufacturing PMIs) ahead of existing home sales data, due for release during early NA session.

Technical outlook

Omkar Godbole, Analyst and Editor at FXStreet writes: "Friday’s close below 110.97 (61.8% Fib) did open doors for a further sell-off to 110.15 levels, however, the 4-hour RSI and the 1-hour RSI are both oversold at a time when the spot is taking support of 4x1 Gann fann line - 1.1186. Thus, a rebound to 111.60-111.80 could be seen, especially if the next hourly candle shows a bullish price action."

"Only a bullish break of the falling channel would signal the sell-off from the high of 114.49 has ended. On the other hand, a failure to take out 111.60-111.80 followed by a break below 110.97 could yield a sell-off to 110.14-110.00 levels" he added. 

Source: fxstreet.com

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