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USD/JPY intraday: the RSI is overbought
2024-04-26
142
Our pivot point stands at 157.37.
Our preference: the upside prevails as long as 157.37 is support.
Alternative scenario: below 157.37, expect 156.93 and 156.68.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 157.04 and 156.30).
Supports and resistances:
159.06 **
158.80 *
158.54 **
158.29
157.71 last
157.54
157.37 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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