A
fresh multi-month high was pinned today at 116.12, which is a level that has
not been visited since February. Market participants were overwhelmed by the OPEC matters and optimism for shortly
shined over the USD/JPY pair. The greenback was set under pressure during the
European session and the pair is currently trading at 115.08.
Looking into the hourly chart it is seen that the price is still holding above
the 200-day moving average. RSI has moved downwards and is situated at around
40%. Stochastic also sloped and is showing extreme oversold conditions. Both
indicators and displaying strong bearish momentum.
Strong support remains the 114.75 level( 1st and 5th December highs).
Resistance is seen at 115.61 and 116.00 area.
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