3 min readDOLLAR VS JAPANESE YEN (USD/JPY):
USD/JPY has been an intriguing pair to watch lately. Since the “Black Monday” event a few months ago, the price has struggled to reclaim higher levels for quite some time. However, after breaking out of the internal descending trend line, the pair seems to have found support and moved higher. Currently, it appears to be trading back toward the $150.00 region.
Looking more closely at the technicals, it’s clear that the price action shows strength and potential for further upward movement in the short term. I would interpret this as more of a “pullback,” as the market looks to rebalance and reprice in what I consider “discounted” areas, anything above the 50% Fibonacci level. The RSI indicator does not yet suggest that the current move is “overbought,” but I’ll be monitoring price action closely as it approaches the key 70% level.
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