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USD/JPY prepares for a further leg upwards – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole sees the USD/JPY pair moving to 117.00 levels if it sustains above the 116.12 levels.

Key Quotes

“The pair is trading higher today at 116.29 levels, with the daily RSI overbought at 81.74 levels.”

“The price action in the current week suggests that USD bulls may have reached exhaustion since the pair has repeatedly failed to close above 116.00 levels. Thus, a sharp Sell-off towards 114.90 levels can be anticipated today if the pair once again fails to capitalize on the gains above 116.00 levels.”

“However, a further leg upwards towards 117.00 levels cannot be ruled out if the pair sustains above the previous cyclical high of 116.12 levels.”

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