USD/JPY: the bulls are well set up in the rally [Video]
|USD/JPY
The dollar recovery continues to build, in a move which is holding well above the pivot at 109.70. The bulls are well set up in the rally. Momentum indicators remain on their improving path however, with the RSI still just around 60 (historically bull runs tend to move to the mid-60s), whilst MACD and Stochastics line both have room to run following their respective bull crosses, there is upside potential in this move. However, a degree of consolidation is hinting this morning, as traders prepare for the payrolls report. Although momentum suggests the bulls are positioned to test the key January high around 110.30, intraday corrections should be seen as a chance to buy now. Support is initially at 109.70 above 109.25.
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