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USD/JPY to see a correction - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, notes there is a high probability of a correction in the USD/JPY pair as the pair has failed to close below the 5-day moving average.

Key Quotes

“The pair currently trades at 116.63 levels, with the daily RSI overbought at 82.59 levels. Meanwhile, the hourly chart shows, the pair has struggled to sustain gains above 116.80 levels since Friday.”

“The hourly RSI, though bullish at 59.00, appears to be losing steam. Hence the pair is more likely to test 116.00 levels.”

“Moreover, the pair has not closed below the 5-day moving average level since Oct 22. Thus the probability of a technical correction is high. The downside in the pair appears restricted around the 10 daily SMA level at 115.56.”

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