During the last three sessions the USD/JPY pair is moving
steadily upwards and today marked a fresh two-weeks high at 114.58. The renewed
expectations for rates hike and the rising US bond yields fuelled the
greenback’s strength.
Technical reading on the four-hour time frame are showing bullish signals. The
20-day SMA is crossing to above the 100-day SMA, which is starting to turn
south. RSI and stochastic are displaying extreme overbought conditions and had
marked higher highs.
Strong resistance is seen at 114.95 – 115.00 area and in case
US bulls find enough power to conquer it, the rally might be extended towards
115.30 – 115.65. Short-term support is now located at 114.00 and lower at
113.65.
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