10 Mar 2015
USD/JPY retesting trend highs ahead of Tokyo
FXStreet (Bali) - USD/JPY is having another go to the upside in early Asia, looking to challenge recent trend highs at 121.40, with price currently exchanging hands at 121.30.
The pair has been underpinned by a recovery in risk appetite, replicating upward moves in US stocks and 10-yr Treasury yields. The blockbuster US NFP from last Friday is still playing a key role on the renewed upside momentum seen in the pair.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: 'The 1 hour chart shows that the price holds well above its 100 and 200 SMAs, while the Momentum indicator presents a limited bearish divergence, heading lower towards the 100 level and the RSI indicator heads north above 50, neutralizing Momentum weakness."
The pair has been underpinned by a recovery in risk appetite, replicating upward moves in US stocks and 10-yr Treasury yields. The blockbuster US NFP from last Friday is still playing a key role on the renewed upside momentum seen in the pair.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: 'The 1 hour chart shows that the price holds well above its 100 and 200 SMAs, while the Momentum indicator presents a limited bearish divergence, heading lower towards the 100 level and the RSI indicator heads north above 50, neutralizing Momentum weakness."