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USD/JPY Pullback Keeps RSI Out of Overbought Territory
USD/JPY snaps the series of higher highs and lows carried over from last week as it weakens for the second straight day, and the exchange rate may face a larger pullback as the Relative Strength Index (RSI) reverses just ahead of overbought territory. USD/JPY continues to pullback from a fresh monthly high (146.56) to keep the RSI below 70, but the exchange rate may attempt to track the positive slope in the 50-Day SMA (142.32) as long as it holds above the moving average. Looking ahead, developments coming out of the Kansas City Fed Economic Symposium in Jackson Hole, Wyoming may sway USD/JPY as the Federal Reserve ... (full story)