USD/JPY overbought?

Thursday, 11/05/2017 | 09:00 GMT

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USD/JPY overbought?
11 / 05 / 2017 | Technical Analysis
The Yen on the Foreign Exchange Market has been under pressure for the last three weeks but there are indications that the greenback’s ascendency may be coming to an end. A sell-off back to the 50% retracement of the Q1 run lower around 113.40 would make for an obvious first target.

GBPJPY is approaching pre-Brexit vote levels. Further support may be in evidence, look for the psychological 150 level then gains up to the 38.2% retracement of the summer ’15-’16 sell-off around 152.78.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/usdjpy-overbought/?camp=24219

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