USD/JPY closed lower on Wednesday and below the 10-day moving average crossing signalling that a long-term high might be in or is near. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but are turning bearish signalling that a long-term high might be in or is near. Closes below the 20-day moving average crossing would confirm that a long-term high has been posted. If it extends last month's rally, last August's high crossing is the next upside target.
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