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GBP/JPY short-term extreme overbought

The 4hr RSI was printing below 50% most of the last three weeks and recently broke above the 60% mark.

GBP/JPY was in sell mode -the 50SMA placed below the 200SMA on 4hr charts-, until it failed to cooperate with these trend indicators. Now the oscillators point to a short-term extreme overbought zone which may allow sellers to adhere to a continuation move with the prevailing down trend.

However, should the pair extend its recovery from multi-week lows into a new trend, short positions may require a contingency plan.

USD/SGD accomplishes and closes below key SMA

USD/SGD accomplishes and closes below key SMA
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USD/JPY: The calm before Fed minutes-storm, around 120

The choppy-trend in the USD/JPY pair lost momentum and the pair now consolidates the BOJ decision-induced losses as markets turn cautious ahead of the FOMC minutes release due later in the US session.
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