Yesterday
the USD/JPY posted a multi-month high at 114.32. During today’s European
session the pair retreated slightly and marked daily low at 113.63, but
currently is back above the 114.00 handle.
The Japanese Yen is quite vulnerable on yields' behaviour and is looking for stronger
direction and currently is boosted by the rising US bond yields and the Wall
Street’s recovery on equity prices.
Technically speaking USD/JPY is keeping bullish stance on the four-hour
time-frame. The 100-day and 200-day SMAa are moving to the upside with 20-day
SMA sharply facing north.
RSI is located above the 70 level, but has lost directional strength.
Stochastic has corrected from the oversold territory and is aiming to the
upside with current level at 87.
Yet the pair is capped by 114.50 (61.8 % Fibonacci retracement of latest
December to April down leg). To confirm the actually bullish tone, this level
must be conquered.
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