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USD/JPY post highest close in 4 months

FXStreet (Córdoba) - The USD/JPY bottomed during the American session at 103.59 but then bounced to the upside. After Wall Street closing bell resume the upside and approached daily highs.

The pair ended above 103.80, having the strongest daily close since early April and posted the fourth daily gain in a row. The rally so far was capped below 104.00. Last April the USD/JPY tested levels on top of 104.00 but failed to consolidate and pulled back.

“In the 4 hours chart indicators stand in extreme overbought levels, losing their upward strength but not yet signaling a downward correction, all of which suggest the upside is still favored”, says Valeria Bednarik, Chief Analyst at FXstreet.

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