USD/JPY Price Analysis: Oversold RSI conditions probe declines to fresh low since March 12

• USD/JPY stays offered near multi-day lows inside a two-day-old descending trend channel.
• Oversold RSI can trigger pair’s bounce off channel support.
• 100/200-HMA confluence probes the bulls even after the channel breakout.

USD/JPY remains heavy around 103.45, down 0.10% intraday, during the early Friday. The pair recently dropped to the fresh low since early March while keeping a short-term bearish chart pattern.

However, oversold RSI conditions challenge the USD/JPY bears around the lower line of the stated channel, at 103.30, which if ignored highlights the March 12, 2020 low of 103.08 as the next rest for the sellers.

It should, however, be noted that the 103.00 round-figure and March 10 bottom near 102.70 offers extra filters to the pair’s further downside ahead of recalling the yearly trough surrounding 101.20.

Alternatively, 103.80 can offer immediate resistance to the intraday USD/JPY buyers before highlighting the channel’s upper line at 103.93.

Though, any upside below the confluence of 100 and 200-HMA, currently around 104.50, becomes less lucrative for the USD/JPY bulls.

USD/JPY hourly chart

Trend: Pullback expected