HomeContributorsTechnical AnalysisUSD/JPY Climbs Along Trendline

USD/JPY Climbs Along Trendline

The US dollar steadied after the Fed minutes showed some consideration to the recession risk. The rally gained momentum after the greenback cleared the peak at 145.80. The rising trendline confirms that the uptrend has resumed. A lack of selling would carry the pair to its 24-year high at 147.50. As the RSI shot into the overbought zone, the dollar could use some breathing room. The psychological level of 146.00 on the trendline is the first support and 145.40 at the base of the breakout the bulls’ second line of defence.

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