USDJPY is headed for a fourth straight day of gains, having glided off the 50-day moving average (MA) after tumbling to a one-month low of 126.35 on May 24. The pair has now retraced more than half of the May downleg, reaching the 61.8% Fibonacci of 129.44. The momentum indicators suggest that further gains are possible in the near term. The stochastics are on a decisive path upwards. However, the %K line has crossed into overbought territory, hinting the possibility that the rally could soon run out of steam. In contrast, the MACD histogram has yet to rise above its red signal line, suggesting that the rebound ... (full story)