USDJPY is in an uptrend but is overbought

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. The USDJPY is in a mark-up phase which is typically defined by a bullish EMA formation. The green 5-day EMA > the orange 13-day EMA > the black 34-day EMA. The RSI(9) is above 50 and indicative of bullish momentum. However, we note that the current reading of the RSI(9) is above 80, which is overbought (blue rectangle). A pullback to normalise the oscillators will be viewed as normal and may provide a “buy the dip in an uptrend” opportunity.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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