USD/JPY (a 4-hour chart)
The BoJ and Fed's did not publish anything interesting last week. Japanese investors are unlikely to take any action until the
The USD/JPY gapped higher at the open on Monday. The pair jumped from 103.13 to 103.74. After the gap traders pushed the price higher. The buyers managed to lead the price from 103.74 to 104.50 where the upwards momentum faded. The price remained at the level till the American session. The dollar jumped over the moving averages in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards. The resistance can be found at 104.50, the support comes in at 104.00.
MACD grew which indicates the sellers’ positions weakening. The RSI indicator is near overvalued territory, favoring a move lower.
If the price overcomes 104.50 we will neutralize our medium term negative outlook. Buyers may extend their gains towards 105.00. Alternatively, bears may push the price below 104.00.