USDJPY breaches 110.00 & Moves to Overbought

HotForex Market Review
HotForex Market Review

USDJPY, H1, H4 & Daily

The Dollar bid continued across the board today with EURUSD under 1.1300, Cable briefly under 1.2900 before finding support and USDJPY the biggest mover (0.49%) over the key 110.00 zone.  The Yen has been trading softer versus most other currencies, not helped by the by the absence of Tokyo markets, closed today for a public holiday in Japan.

The USDJPY, H1 chart moved into the overbought zone (Stochastic at 89+ and RSI 74+). With the strong breach of 110.00 (R2), the rally broke R3 at 110.10 and topped at 110.276 for a new 2019 high. The H4 chart shows the clear breach of the 110.00 resistance zone that proved so resilient last week. Resistance now becomes Support at 110.10-00. The daily chart shows next Resistance at 110.40, the 50-day moving average and the upper Bollinger band and the key 200-day moving average and psychological 111.00 zone. The pair broke the 20-day moving average February 2 and has key support at 108.95, the top of the previous consolidation zone.

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