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USD/JPY continues to rise

FXStreet (Córdoba) - The yen fell across the board during the American session and send USD/JPY to fresh 6-year highs at 106.88. Price is about to end the day near the highs, having the third daily gain in a row.

Since the beginning of the week it has risen almost 200 pips and is about to have the highest daily close since September 19, 2008; during that week Lehman Brothers filed for bankruptcy.

USD/JPY technical outlook

“The technical picture continues to show short term divergences in the 1-hour chart, with higher highs in price and lower ones in momentum, but not yet confirmed: may be a bit too late to join the bullish party, but is way too early to attempt a counter trade”, says Valeria Bednarik, Chief Analyst at FXStreet.

The 4-hour chart indicators are losing upward strength in extreme overbought levels notes Bednarik, “far from reentering more normal levels, also limiting chances of a downward corrective movement.”

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