USD/JPY: Retaining its positive stance
USD/JPY retains its bullish potential as market players seek for high-yielding assets. Valeria Bednarik, a Chief Analyst at FXStreet, examines the USD/JPY pair technically.
“The USD/JPY pair is retaining its positive stance, despite its latest retracement, as the improved perception of risk leaves the JPY outside speculative interest’s radar.”
“In the 4-hour chart, the pair is pressuring a bullish 20 SMA, but so far unable to break below it.”
“The Momentum indicator has turned sharply higher within neutral levels, while the RSI hovers around 57, following price. The daily low at 110.07 is the immediate support, while the pair could recover its bullish potential once above 110.90.”