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USD/JPY Rally Eyes March High as RSI Sits in Overbought Territory
USD/JPY approaches pre-pandemic levels as the 10-Year Treasury yield climbs to a fresh yearly high (1.77%) ahead of April, and the exchange rate appears to be on track to test the March 2020 high (111.72) as the Relative Strength Index (RSI) holds above 70 and sits in overbought territory. USD/JPY trades to a fresh yearly high (110.97) as a bull flag formation unfolds in March, with a ‘golden cross’ formation taking shake during the same period as the 50-Day SMA (106.70) crossed above the 200-Day SMA (105.60). The RSI reflects a similar dynamic as it continues to track the upward trend from the start of the year, ... (full story)