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USD/JPY – Struggling to hold levels above 114 - FXStreet

FXStreet (Barcelona) - According to FXStreet Editor and Analyst Omkar Godbole, the USD/JPY pair will retest 113.20 levels today as the pair is trading lower and struggling to hold levels above 114.

Key Quotes

“The USD/JPY pair ended lower at 114.63 levels on Friday after a weaker-than-expected US Non-farm payrolls data weakened the Treasury yields. The pair continues to inch lower today, trading at 114.00 levels with the daily RSI overbought at 78.42 levels. Moreover, the pair has failed to sustain gains above the 5-day moving average level of 114.45 today.”

“On the hourly charts, the RSI has hit the oversold zone, despite which the slump in the pair is likely to continue since the prices are struggling to hold above 114.00 levels. Thus, the pair is more likely to test 113.20 levels today, post which the oversold hourly RSI should provide some respite to the pair. However, the overall outlook remains in favor of the US Dollar so long as the pair manages to sustain above 111.20 levels.”

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