The USD/JPY rally unravels following the failed attempt to test the March 2020 high (111.72), and recent developments in the Relative Strength Index (RSI) indicate a further decline in the exchange rate as the oscillator falls back from overbought territory to reflect a textbook sell signal. USD/JPY extends the series of lower highs and lows from earlier this week to largely track the pullback in longer-dated US Treasury yields, and the bearish price sequence may push the exchange rate towards former resistance as it searches for support. It remains to be seen if the decline from the March high (110.97) will turn out ... (full story)