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USD/JPY to Face Larger Pullback on Break of Monthly Opening Range
USD/JPY appears to be tracking the recent weakness in US Treasury yields as it consolidates after clearing the April high (131.25), while the Relative Strength Index (RSI) has diverged with price as the oscillator continues to fall back from overbought territory. Developments in the RSI warn of a near-term correction in USD/JPY as the indicator fails to push back above 70, but another holding pattern may take shape over the coming days as a bull flag formation materialized during the previous month. As a result, USD/JPY may face a shallow pullback before staging another attempt to test the April 2002 high (133.82) ... (full story)
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- Posted: May 12, 2022 12:32am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 1,521
