USD/JPY clocked a new 2019 high of 110.65 soon before press time, reinforcing the bullish view put forward by the symmetrical triangle breakout confirmed yesterday. 

The rise to 2019 highs, however, is not confirmed by the hourly chart relative strength index (RSI), meaning the indicator hasn’t hit a new high in response to fresh yearly high on USD/JPY. 

Further, the 4H RSI is reporting overbought conditions. Therefore, a pullback could be in the offing before further gains. 

Hourly Chart

Trend: Bullish, but minor pullback likely

    1. R3 111.45
    2. R2 110.96
    3. R1 110.68
  1. PP 110.19
    1. S1 109.91
    2. S2 109.42
    3. S3 109.13
Updated Feb 11, 00:00 GMT

 

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