In trading on Friday, shares of the Asia Pacific ex-Japan ETF ( AXJL) entered into oversold territory, changing hands as low as $67.16 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.In the case of Asia Pacific ex-Japan, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 44.4. A bullish investor could look at AXJL's 29.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), AXJL's low point in its 52 week range is $62.97 per share, with $74.17 as the 52 week high point — that compares with a last trade of $67.26. Asia Pacific ex-Japan shares are currently trading off about 0.5% on the day.