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USD/JPY Price Analysis: Trims gains, bulls losing momentum

  • USD/JPY's intraday charts are reporting bullish exhaustion. 
  • The pair may extend the ongoing pullback to 110.00.

USD/JPY is currently trading at 110.20, having clocked a seven-month high of 110.29 two hours ago. 

The ongoing pullback could be extended to 110.00 or lower as key indicators are reporting weakening of bullish momentum. 

For instance, the hourly chart MACD histogram has charted bearish divergence or lower highs above the zero line, contradicting higher highs on the price chart. 

On similar lines, the 4-hour chart relative strength index is diverging in favor of the bears. 

Hourly chart

Trend: Bearish

Technical levels

 

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