Breakout: The USD/JPY was trading just under a falling trendline for the last couple of sessions. As we begin the 6/24 Asian session, USD/JPY is breaking above the trendline, and tagging 98.75, 50% retracement of the May-June decline. The current breakout opens up the 99.90-100 area unless we have an immediate rejection here from 98.75-99.00 area back below a near-term rising trendline seen in the 1H chart below. RSI: The 4H RSI has pushed above 70 to show bullish momentum, but a couple more times without any significant correction could show an overbought market. If the 1H RSI falls back below 40, we should assess ... (full story)