HomeContributorsTechnical AnalysisUSD/JPY Accelerates Rally

USD/JPY Accelerates Rally

The US dollar climbs as the US economy is gaining steam while other parts of the world face new Covid restrictions.

The pair has shot up to last June’s high at 109.85 after it broke out of the consolidation range under 109. The bias remains strongly bullish, though an overbought RSI would suggest a temporary pullback as traders take profit.

In that case, the rising trendline and 20 and 30-hour moving averages would become the demand zone. A deeper retracement may find support from the former resistance at 109.20.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading

Moving Averages Explained

The EUR/USD

Low Spread Scalping Strategies

How to Master Technical Analysis?

Risk and Reward