Fed chairman Powell’s comments earlier may have sent USD/JPY to its highest level in 24 years, but they also sent the pair reeling later in the day.
It’s a new high for USD/JPY, again! The currency pair traded to its highest level in 24 years after Fed Chairman Powell started off his speech today at the European Central Bank forum in Sintra, Portugal by saying the that the US economy is in strong shape and is well positioned to handle tighter policy. USD/JPY touched the psychological round number resistance level at 137.00, its highest level since September 1998. The prior near-term high was just a few days earlier on June 22nd, when price traded at 136.71.
USD/JPY began trading aggressively higher on March 11th as the pair broke above 116.35. The pair reached a high of 131.34 on May 9th as the RSI began to diverge with price in overbought territory. USD/JPY pulled back in a descending triangle formation as the RSI unwound and on May 31st, the pair powered higher, resulting at today’s new high of 137.00. However, notice the RSI and price are diverging once again from overbought territory. This could be a warning that USD/JPY may be ready for another correction.
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