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USD/JPY - bullish price-RSI divergence, eyes 23.6% Fibo retr.

FX_IDC:USDJPY   US DOLLAR / YEN
  • Dollar index's recovery from key support zone coupled with bullish price-RSI divergence on the 4-hr chart indicates the bears may have run of steam, thus opening doors for a correction to 107.01 (23.6% of 111.88-105.51).
  • However, further gains appear unlikely, given stock markets have turned risk-off and USD bulls need a strong wage growth figures release this Friday.
  • Consequently, a recovery to 107.01 could be followed by sideways action.
  • Pair dropping to fresh yearly lows cannot be ruled out on Friday/next week if US wage growth numbers disappoint.
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