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USD/JPY: Oversold conditions can bush the USD downwards - UOB Group

EUR/USD is extending the rebound above 1.0500 in the European session on Wednesday. Traders cash in on the US Dollar long positions ahead of a series if top-tier US data, lifting the pair. The USD/JPY sell-off also adds to the US Dollar downside.
The article from FXStreet discusses the current state of the USD/JPY currency pair, highlighting that it has entered oversold conditions. According to UOB Group's analysis, this oversold situation could lead to a potential downward movement of the USD against the JPY. The piece mentions that despite the USD/JPY reaching a high of 151.92, the momentum has shifted, suggesting a possible correction. Analysts from UOB Group, including Lee Sue Ann and Quek Ser Leang, indicate that while the immediate risk of a significant drop is low, the pair might see a decline towards the 149.50 level in the short term. They also note that for the USD/JPY to signal a more substantial downward trend, it would need to break below the 148.75 support level.

Read the Full FXStreet Article at [ https://www.fxstreet.com/news/usd-jpy-oversold-conditions-can-bush-the-usd-downwards-uob-group-202411271121 ]