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USD/JPY – Bulls Pressure Multi-Year High but Overbought Conditions Warn of Possible Stall

The USDJPY maintains bullish tone on Tuesday, following Monday’s 1% advance that peaked at 125.76, just ticks ahead of key barrier at 125.84 (2015 peak, the highest since 2002).

Bulls remain firmly in play, driven by firming dollar on growing uncertainty about the war in Ukraine, although the action on Tuesday moves at lower pace and facing headwinds from 125.84 pivot and overextended daily studies.

Fading bullish momentum on daily chart, after the 14-d momentum indicator made a bearish divergence, suggest that bulls should soon take a breather.

Dips should offer better levels to re-enter larger uptrend, with rising 10DMA offering solid support at 123.50, which should ideally contain.

Res: 125.76; 125.84; 126.55; 127.00
Sup: 125.10; 124.59; 124.05; 123.50

Windsor Brokers Ltd
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