Forex Flash: USD/JPY looks bearish ahead – Nomura
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen takes a look at USDJPY from a purely technical perspective.
Looking at his daily chart, Amen states that he is bearish on the pair and his target for the week is 83.70, the base of the recent breakout. Amen notes that RSI (14) has dropped out of overbought, suggesting a short term top has been reached. Bollinger bandwidth expansion has also slowed, indicating that the breakout is getting exhausted. He writes, "There was also a doji candlestick yesterday, which has been confirmed by today's price action."
Looking at his daily chart, Amen states that he is bearish on the pair and his target for the week is 83.70, the base of the recent breakout. Amen notes that RSI (14) has dropped out of overbought, suggesting a short term top has been reached. Bollinger bandwidth expansion has also slowed, indicating that the breakout is getting exhausted. He writes, "There was also a doji candlestick yesterday, which has been confirmed by today's price action."
Free Annual Reports
