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JPY: RSI Flirting With 70 After Bearish Outside Day
Sharp CNH/JPY sales on Wednesday allowed the pair to chart outside reversal pattern. Weaker than expected PBOC fix knocked the yuan on its head, while the yen regained poise snapping its historic losing streak against the greenback.
- The sell-off has stalled on Thursday, with the rate eventually reversing its initial gains. While yen sales resumed in Tokyo hours, the yuan has joined it among the worst performing currencies in the region today.
- The rate's RSI is approaching 70 from overbought territory, consolidation below that threshold would be a bearish signal.
- CNH/JPY trades at Y19.85 at typing, with bears looking for a retreat under Apr 14 low of Y19.61. Conversely, a bounce above Wednesday's high of Y20.17 would open up 2015 high of Y20.26.
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