USD/JPY posted strong growth on Monday with daily gains of +
1.44%. The pair broke the important area at 107.50/107.80 and marked fresh high
at 108.52.
The Yen was influenced by the positive GDP data and Kuroda’s
speech, who pointed that the inflation will rise slowly and monetary policy
will not change until inflation reaches the target of 2%. Meanwhile Fed’s rate
hike in December is also relevant to the pair with expectations have risen sharply
after Trump’s win.
Technically speaking, bulls are now fuelled to continue
slowly upwards and test the next key resistance level at 111.00/111.60. RSI and
Stochastic are placed now at overbought territory with the pair breaking the
200-day moving average, which is pointing that correction is not
excluded.
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