The strong two-day surge has sent technical indicators near the overbought region, so, even if some advances occur during this session, the Greenback should not exceed the 107.20 mark.
It is more likely that a bearish correction prevails in the market today and sends the pair towards the combined support of the 55– and 100-hour SMAs at 106.00. The US employment data release could alter the market sentiment and guide the pair's direction during the remaining hours of this trading week.
Chart: USD/JPY H4
The down trend seems to be losing strength.
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ReplyDeleteThank you for the analysis.
ReplyDeleteLet's see how it will develop.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteGood upward strength.
ReplyDeleteVery useful information! Thanks.
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