USD/JPY Forecast: Consolidating above 102.00
|USD/JPY Current price: 102.22
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Consolidating above 102.00. The USD/JPY pair extended its rally up to 102.39 its highest since August 12th, holding above the 102.00 level but with no upward momentum at the time being. The 1 hour chart shows that the Momentum indicator retreated from extreme overbought territory and turned flat above its 100 line, whilst the RSI indicator continues consolidating within overbought levels, with no signs of an upcoming downward corrective move. In the 4 hours chart, technical indicators resumed their advances within overbought territory, while the price is above a flat 100 SMA, and below the 200 SMA, this last at 102.70, overall supporting some additional gains on a break above the mentioned daily high.
Support levels: 102.00 101.60 101.20
Resistance levels: 102.40 102.85 103.30
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