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USD/JPY trend remains bullish – FXStreet

FXStreet (Barcelona) - According to Matias Salord, Analyst at FXStreet, the USD/JPY trend remains bullish after the pair rises back to 118 levels, post the bearish correction.

Key Quotes

“Price continued to advance to fresh multi-year highs, until found resistance below 119.00, increasing volatility around that level.“

“After an expected bearish correction during the European session, technical indicators are turning again to the upside, particularly after US economic data. USD/JPY rose back above 118.00 and recovered ground.“

“The trend remains bullish but longer term charts show overbought reading, that could limit the upside.”

“If the price falls back below 118.10 (where the hourly 20-SMA stands), it would expose daily lows and open the doors for a bigger correction.”

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