Forex analytics and overview
USD/JPY: Is the Currency Pair Oversold and Ready to Rally?
2024.11.07 12:35
The has been weak versus the over much of the past 2 years.
However, that trend could be coming to an end if today’s chart pattern continues to play out.
Today, we look at a “daily” chart of the Japanese Yen / US Dollar currency Pair.
As you can see, the Yen broke out of its declining channel in August and rallied sharply before pulling back to test dual support. Thus far that support has held and the Yen is once again attempting to rally. Note that RSI oversold as well.
If the Yen can get back above its 200-day moving average it could be rally time.
And should the Yen rally, some assets such as bonds would like it. Stay tuned!
