USD/JPY technical analysis: Approaching support at 109.70 with lower highs on 1H chart

• USD/JPY is looking south with bearish lower highs and lower lows on the hourly chart. 
• A break below the March 25 low of 109.70 may not happen immediately with intraday charts reporting oversold conditions.

USD/JPY could soon test the support at 109.70 (March 25 low), having created another bearish lower high at the former support-turned-resistance of 110.28 over the last 15 hours, as seen in the hourly chart.

The hourly chart relative strength index (RSI) of 33.00 is also biased bearish. That said, a break below 109.70 may not happen today, as  4-hour chart RSI is reporting oversold conditions. The RSI on the daily chart has also dropped below 30.00 for the first time since early January. 

However, with the descending 50-hour moving average (MA), currently at 110.25, corrective rallies, if any, could be short-lived.

As of writing, the pair is trading at 109.89, having it a high of 110.15 earlier today.

Hourly chart

Trend: Bearish

Pivot points