The USD/JPY pair pushed higher today and marked a fresh new
two-month peak at 113.68. Ahead of the Wall Street opening the pair retreated
slightly to currently trade at 113.19 as FOMC minutes are about to be released.
Meanwhile earlier today the Japanese services PMI showed better than expected
numbers, which supported the Japanese Yen.
On the four-hour time frame the price is developing above the moving averages.
RSI has retreated from overbought area and currently is located slightly above
it’s mid-line. Stochastic is showing strong bearish momentum but is also placed
above it’s mid-line.
Overall indicators are rather marking upward exhaustion and are reflecting the ongoing consolidation.
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