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USD/JPY could correct to 114 - FXStreet

FXStreet (Barcelona) - Omkar Godbole, FXStreet Analyst comments that the USD/JPY pair finished higher at 114.84, after having bounced off from the support level located at 114.00 levels.

Key Quotes

"Meanwhile, the pair has clocked a fresh seven-year high of 115.75 today, with the daily RSI overbought at 80.00 levels. On the hourly chart, the pair rose sharply from the trend line support located around 115.45 levels."

"The hourly RSI has re-entered the overbought zone, although, the momentum appears strong since the pair breached the previous cyclical high of 115.598. The US Dollar may continue to rally towards 116.00 levels, since the Treasury yields in the US have shot higher yesterday."

"However, the pair appears overbought on all time frame charts, which increases the probability of a correction up to 114.00 levels. In any case, the JPY bulls are likely to wait on the sidelines so long as the pair confirms multiple failures at 115.00 levels."

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