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RSI Highlights Overbought Condition

USDJPY TECHS
  • RES 4: 146.12 76.4% Oct-Jan Downleg
  • RES 3: 145.04 2.0% 10-dma envelope
  • RES 2: 144.40 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 144.17 High Jun 27
  • PRICE: 143.92 @ 06:23 BST Jun 28
  • SUP 1: 141.84 Former bull channel top drawn from the Jan 16 high
  • SUP 2: 141.21/22 Low Jun 20 / 20-day EMA
  • SUP 3: 139.85 Low Jun 16
  • SUP 4: 138.85 50-day EMA

Another bullish session in USDJPY yesterday and the pair touched a new multi-month high. The pair is approaching 144.40 - the 1.382 projection of the Jan 16 - Mar 8 - Mar 24 price swing and 145.04 further out, resistance at the 2.0% 10-dma envelope. Technically, USDJPY is now the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 141.22 the 20-day EMA. A break would suggest scope for a deeper correction.

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