USDJPY (1H) – short term bearish bias
The US dollar’s rally came under pressure as it approached the daily resistance level of 109.70. The RSI overshot into the over-bought area and indicated an over-extension. The sharp drop on Friday was a sign that buyers started to take some chips off the table and bagged their profits. We may expect the pair to remain under water as the correction deepens towards 109. The bearish MA cross is a confirmation that sentiment has turned to the downside.
Key support: 109.00
Key resistance: 109.70
The US dollar’s rally came under pressure as it approached the daily resistance level of 109.70. The RSI overshot into the over-bought area and indicated an over-extension. The sharp drop on Friday was a sign that buyers started to take some chips off the table and bagged their profits. We may expect the pair to remain under water as the correction deepens towards 109. The bearish MA cross is a confirmation that sentiment has turned to the downside.
Key support: 109.00
Key resistance: 109.70