Forex Video Briefing (10/24) – USD/JPY Eyes the 110 Highs
The 4H USD/JPY chart shows price extending higher this week after an initial bearish attempt that respected last wee’s price bottom. Then, price pushed above the 200-, 100-, and 50-period SMAs, which shows bullish bias. Furthermore, the 4H RSI tagged 70 showing bullish momentum.
It is stalling a bit at the end of the week, but a break above 108.35 would continue the bullish outlook with the 110-110.08 high in sight, and with further upside risk because the prevailing uptrend from at least June-July is still intact. The daily chart shows price holding above the 50-day SMA, and the daily RSI holding above 40. This shows maintenance of bullish bias and momentum.
It would take a strong dip below 107 to start the next week in order to shelve this bullish outlook. Otherwise, price is poised to test that 2014-high again in the coming week or 2.