USD/JPY looks like it’s found its feet. After tagging support near the April VPOC (142.71) and 6 May low (142.36), Thursday’s session printed the first bullish candle in over a week — a spinning top just above key support.
The daily RSI (2) bounced from its most oversold reading in a month, and the 1-hour chart shows bullish divergence on the RSI (14), now comfortably above 50.
Price has lifted from the monthly S2 and is circling S1. If USD/JPY can push through yesterday’s high (144.40), I’m looking toward 145, 145.86 and potentially the 146 handle, which aligns with the monthly pivot at 146.38.
** Please note that Japan's CPI data drops in ~25 mins **
Matt Simpson, Market Analyst at City Index and Forex.com
The daily RSI (2) bounced from its most oversold reading in a month, and the 1-hour chart shows bullish divergence on the RSI (14), now comfortably above 50.
Price has lifted from the monthly S2 and is circling S1. If USD/JPY can push through yesterday’s high (144.40), I’m looking toward 145, 145.86 and potentially the 146 handle, which aligns with the monthly pivot at 146.38.
** Please note that Japan's CPI data drops in ~25 mins **
Matt Simpson, Market Analyst at City Index and Forex.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.