USD/JPY:  bulls looking for a break of 123.80 – FXStreet

FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY is overbought, but shows no signs of reversing.

Key Quotes:

“The USD/JPY pair advanced up to 123.59 and remains nearby, holding to its latest gains and pointing to extend its advance during the upcoming sessions, given that the 1 hour chart shows that the Momentum indicator has erased all of its overbought readings down to its mid-line, from where it is now bouncing, while the RSI indicator stands flat around 70. In the same chart, the 100 SMA has advanced far above the 200 SMA, but both remain well below the current level.

In the 4 hours chart the price is holding near its highs whilst the technical indicators look slightly exhausted towards the upside. Nevertheless, the upside remains favored, with a break above 123.80 opening doors for an advance towards the year high at 125.80.”

Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY is overbought, but shows no signs of reversing.

(Market News Provided by FXstreet)