USD/JPY Technical Analysis: hits 17-day low, 4H RSI is reporting oversold conditions

• The USD/JPY opened under the 50-day simple moving average (SMA) and hit a low of 112.61 earlier today - the lowest level since Nov. - possibly due to signs of risk aversion in the S&P 500 futures.
• The relative strength index (RSI) on the 4-hour chart and the hourly chart is reporting oversold conditions. As a result, the pair could consolidate or may see a minor bounce to the 50-day SMA of 112.84.
• The 14-day RSI has dipped into bearish territory below 50.00 and the 5-day and 10-day SMAs are showing a bearish crossover. The stacking order of the 50-hour SMA below the 100-hour SMA, below the 200-hour SMA, also indicates the path of least resistance is on the downside.
• So, minor pullback, if any, as called by the hourly and 4-hour RSI, could be short-lived.

Hourly Chart