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3 Jun 2014
USD/JPY: Further up-legs look likely - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, the ongoing intraday USD/JPY appears to still be incomplete.
Key Quotes
"Trading at fresh 5-week highs, the USD/JPY hourly chart looks slightly overbought albeit there are no signs the rally has come to an end."
"Price stands well above its moving averages in the mentioned time frame, while breaking through 100 DMA first time since early April, currently around 102.40."
"In the 4 hours chart technical readings present a strong upward momentum despite in overbought territory, probably entering sell stops territory, meaning chances of further advances remain high."
"Above 102.70, a quick test of 103.05 seems likely albeit more gains are not yet seen at the time being."
Key Quotes
"Trading at fresh 5-week highs, the USD/JPY hourly chart looks slightly overbought albeit there are no signs the rally has come to an end."
"Price stands well above its moving averages in the mentioned time frame, while breaking through 100 DMA first time since early April, currently around 102.40."
"In the 4 hours chart technical readings present a strong upward momentum despite in overbought territory, probably entering sell stops territory, meaning chances of further advances remain high."
"Above 102.70, a quick test of 103.05 seems likely albeit more gains are not yet seen at the time being."