USD/JPY Price Forecast: The peaks and troughs keep rising
Source Fxstreet
- USD/JPY continues rising in a short and probably medium-term trend higher.
- It is overbought according to RSI, however, and could pull-back to support temporarily.
USD/JPY has been steadily rising since the mid-September 140 lows. It is now in the 149s and appears to have established a short – and probably – medium-term uptrend. Given the premise that “the trend is your friend” the odds favor a continuation higher.
USD/JPY 4-hour Chart
The next target lies at 151.09 and the 200-day Simple Moving Average (SMA) (not shown), followed by the major trendline in the 151.80s.
The pair is overbought, however, according to the Relative Strength Index (RSI) momentum indicator and this means long-holders should not add to their positions as there is a risk of a pull back.
If RSI exists overbought it will signal a correction, probably to support at either 149.40 or 148.32 if deeper.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold Price Forecast: Hotter-Than-Expected PCE Inflation Pressures Gold, Will Warsh's Jackson Hole Speech Spark a New Rally? As of the European session on August 27, today's gold price (XAUUSD) maintained a range-bound consolidation trend intraday, with the latest price trading near $4,600. On Wednesday, gold p
As of the European session on August 27, today's gold price (XAUUSD) maintained a range-bound consolidation trend intraday, with the latest price trading near $4,600. On Wednesday, gold p
TradingKey Daily Market Briefing: Nvidia Earnings Beat Expectations, Strong PCE Inflation Weighs on Market Sentiment as Focus Turns to Jackson Hole Meeting On August 26, Eastern Time, the three major U.S. stock indices closed slightly lower. U.S. July PCE inflation data came in slightly strong, reinforcing market concer
On August 26, Eastern Time, the three major U.S. stock indices closed slightly lower. U.S. July PCE inflation data came in slightly strong, reinforcing market concer
As of the Asian session on August 26, WTI crude oil (USOIL) prices extended yesterday's decline, dropping to an intraday low of $80.26 and approaching the $80 threshold at one point, down
Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed an “interim framework” aimed at resuming shipping through the Strait of Hormuz, Bloomberg reported on Tuesday.
The U.S. will release the U.S. July Personal Consumption Expenditures (PCE) Price Index on Wednesday, August 26, Eastern Time. As a key inflation indicator closely watched by the Federal
Related Instrument
