USD/JPY’s EMAs Maintain Bullish Bias
The below is the daily chart of the USDJPY. The currency pair declined heavily following the retail sales miss yesterday. However, the EMAs are still in a bullish stack. I.e. the green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. The RSI(9) is also bullish and above 50. We are now assessing if the EMAs will start developing angle and separation. If so, this will likely be due to an appreciation in the currency pair’s price.
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