Since yesterday the USD/JPY pair is moving higher, supported
by the Janet Yellen’s hawkish speech.Mrs Yellen expressed anxiety on waiting
too long before lifting up the interest rates considering the accelerating
inflation.
Yesterday the USD/JPY pair rallied and marked an intraday high at 114.75 and
thus finally moved to positive this week. Today the pair continued the rally
and jumped to 115.60.
Technical indicators in the H4 chart uphold the bullish perspective. RSI is
placed at 58 level and is recovering from overbought conditions. Stochastic is
also showing extreme overbought market and meanwhile is loosing strength. Currently
the 100-day SMA (115.75) is ceiling the upward movement seeing the short term
development.
Resistances are located at 115.50 and higher at 116.00.Looking to downwards first
support is seen at 114.30 and next at 113.80.
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