Send me real-time posts from this site at my email
Fan Yang

USD/JPY - Looks like I was Wrong and It Will Likely Tag 108-108.15.

Recently, I noted that USD/JPY looks like it is cutting short its rally towards 108-108.15 pivot. Instead, it is maintaining the short-term bullish momentum and trend, and looks very likely to hit the 108-108.15 area. 

USD/JPY 4H Chart

(click to enlarge)

- The 4H chart shows a market that has turned bullish.
- Price is above the 200-, 100- and 50-period simple moving averages (SMAs), showing bulls are in charge.
- Also, the RSI has been holding above 40 and tagging 70, which reflects maintenance and persistence of bullish momentum.
- I thought the dip from the 4/16-4/17 session showed weakness, but price remained bullish. 
- I think with momentum picking up, we might see USD/JPY push beyond 108.15 ,at least to the 108.50 area. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue