USD/JPY, EUR/JPY at Oversold Levels Not Seen Since 2024
The USD/JPY and EUR/JPY currency pairs are flashing daily oversold momentum signals not seen since 2024, increasing the risk of a near-term reversal ahead of this week's U.S. CPI report and Federal Reserve policy decision.
Both pairs are approaching key technical levels: USD/JPY is nearing the lower boundary of an uptrend channel established in 2023, while daily momentum is also approaching oversold levels last seen in 2024.
EUR/JPY is testing the 27.2% retracement level of its 2025-2026 advance, with daily momentum reaching oversold levels not seen since 2024.