The yen plunges as low Japanese bond rates reflect the divergence in monetary policies. A close above the pre-pandemic peak around 112.10 has triggered a runaway rally.
A bullish MA cross indicates an acceleration to the upside. Strong momentum and a lack of resistance are lifting the greenback towards November 2018’s high at 113.70.
The RSI’s repeated overbought situation may lead to profit-taking, causing a limited pullback. Patient buyers may be waiting to stake in near the round number of 112.00.