USD/JPY Price Forecast: Short-term Uptrend Seems To Be Running Out Of Steam
USD/JPY continues making higher highs and higher lows as it extends its short-term uptrend towards the underside of the major trendline in the 151.00s.
Bullish momentum has eased off, however, suggesting bulls could be running out of steam, and although the uptrend is intact there exists an increased risk of a pull back developing.
USD/JPY 4-hour Chart
(Click on image to enlarge)
A break above 149.98 (October 14 high) would confirm a further extension to the next target at 151.09 (200-day Simple Moving Average (SMA) (not shown)). A break above that would indicate a move up to the major trendline in the 151.80s.
Momentum, as measured by the Relative Strength Index (RSI) momentum indicator has dropped off considerably at the last peak – a further sign of underlying weakness.
If a correction evolves, support lies at 148.27 (October 10 low) or 147.23 (September 2 high).
More By This Author:
Gold Breaks To New High As Interest Rates Set To Fall GloballyGBP/USD Seems Vulnerable Below 1.3000, Its Lowest Level Since August 20
Gold Price Clings To Gains Near Three-week Top, Seems Unaffected By Stronger USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not ...
more
Comments
No Thumbs up yet!
