• USD/JPY extends its losing streak within a descending channel, suggesting a confirmed bearish bias.
• The momentum indicator 14-day RSI suggests an oversold situation and a potential for an upward correction soon.
• The pair tests the 14-month low at 140.25, followed by the lower boundary of the channel at the 138.50 level.

USD/JPY continues to decline for the fifth consecutive day, trading around 140.30 during the Asian session on Monday. An analysis of the daily chart showed the USD/JPY pair moves downward within a descending channel, indicating a confirmed bearish bias.

Additionally, the nine-day Exponential Moving Average (EMA) is lower than the 21-day EMA, indicating a downward momentum in the asset's price. However, the 14-day Relative Strength Index (RSI), a momentum indicator, is positioned below the 30 level, suggesting an oversold situation for the USD/JPY pair and a potential for an upward correction soon.