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USD/JPY hits multi-year high of 113.87 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY has been advancing on Monday, rising from the 112.57 opening level to 113.87.

Key quotes

"As commented on previous updates, the dominant upward momentum has largely overcame technical readings with short term technical readings still in extreme overbought readings and heading higher."

"The 1 hour chart shows moving averages gaining territory but still well below current price, becoming irrelevant for intraday traders. In the 4 hours chart indicators remain strongly biased higher, supporting a break above 114.00 moreover if stocks continue to run."

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