Japanese Yen Technical Analysis: Broader Outlook Bearish, USD/JPY Eyes Key Trendline 2021-05-12 05:00:00 Daniel Dubrovsky, Strategist Majors-Based Japanese Yen Index, USD/JPY – Technical Outlook Majors-based Japanese Yen index closed under key support, hinting at losses However, confirmation remains key, especially as momentum appears fading USD/JPY dominant upside focus holding despite March’s top, eyes on support The Japanese Yen may be vulnerable to broader selling pressure. Below is a majors-based JPY index that averages the currency’s performance against the US Dollar, Australian Dollar, British Pound and Euro. The index has been in a downtrend since late October 2020. However, downside momentum has been notably slowing as of late. Positive RSI divergence reinforces this, which can at times precede a turn higher.