USD/JPY – Correction could end around 102.73
Hourly chart – Falling trend line hurdle at 102.73
Daily chart – 10-DMA hurdle at 102.73
Pair’s recovery from 100.71 (50% of 2011 low – 2015 high) to 102.50 levels has pushed the hourly RSI into overbought territory, thus the spot may fail to take out resistance at 102.73 (10-DMA + hourly falling trend line), in which case prices could head back to hourly 50-MA (now seen at 101.65) levels.
On the higher side, the spot needs a bullish close above 102.73, although overbought hourly indicators still warrant caution.
Daily chart – 10-DMA hurdle at 102.73
Pair’s recovery from 100.71 (50% of 2011 low – 2015 high) to 102.50 levels has pushed the hourly RSI into overbought territory, thus the spot may fail to take out resistance at 102.73 (10-DMA + hourly falling trend line), in which case prices could head back to hourly 50-MA (now seen at 101.65) levels.
On the higher side, the spot needs a bullish close above 102.73, although overbought hourly indicators still warrant caution.
