USD/JPY – approaching critical hurdle, overbought hourly RSI
Resistance – 109.51, 109.85, 110.71
Support – 109.00, 108.60, 108.27
A bullish daily close above falling trend line on the daily chart coupled with jawboning from BOJ pushed the pair higher to 109.15 levels. The hourly RSI is overbought and signaling lower highs ahead.
Consequently, pair could have a tough time extending gains from there, although doors remain open for a test of major hurdle at 109.85 (falling channel establish in early March to early April).
On the lower side, support at 109.00 could be put to test, courtesy of overbought RSI/or a sideways action could be seen.
Support – 109.00, 108.60, 108.27
A bullish daily close above falling trend line on the daily chart coupled with jawboning from BOJ pushed the pair higher to 109.15 levels. The hourly RSI is overbought and signaling lower highs ahead.
Consequently, pair could have a tough time extending gains from there, although doors remain open for a test of major hurdle at 109.85 (falling channel establish in early March to early April).
On the lower side, support at 109.00 could be put to test, courtesy of overbought RSI/or a sideways action could be seen.