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USD/JPY retraces from a fresh multiyear high of 116.10 - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet notes the USD/JPY pair retracing from a fresh multiyear high posted at 116.10 on the back of a outstandingly positive current account surplus in Japan and the news of delaying the sales tax hike for over a year.

Key Quotes

“The pair however, holds above 115.50 price zone, former resistance now immediate support, with the 1 hour chart showing a mild positive tone coming from 100 and 200 SMAs and indicators easing from overbought territory.”

“In the 4 hours chart indicators barely advance with latest move, with momentum still in neutral territory and RSI retracing some for 70. Mentioned 115.50 price zone should attract short term buyers if reached, with the dominant bullish trend still firmly in place.”

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