USD/JPY breaches 110.00 & Moves to Overbought
|USDJPY, H1, H4 & Daily
The Dollar bid continued across the board today with EURUSD under 1.1300, Cable briefly under 1.2900 before finding support and USDJPY the biggest mover (0.49%) over the key 110.00 zone. The Yen has been trading softer versus most other currencies, not helped by the by the absence of Tokyo markets, closed today for a public holiday in Japan.
The USDJPY, H1 chart moved into the overbought zone (Stochastic at 89+ and RSI 74+). With the strong breach of 110.00 (R2), the rally broke R3 at 110.10 and topped at 110.276 for a new 2019 high. The H4 chart shows the clear breach of the 110.00 resistance zone that proved so resilient last week. Resistance now becomes Support at 110.10-00. The daily chart shows next Resistance at 110.40, the 50-day moving average and the upper Bollinger band and the key 200-day moving average and psychological 111.00 zone. The pair broke the 20-day moving average February 2 and has key support at 108.95, the top of the previous consolidation zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.