USDJPY rallied sharply higher Monday, cresting at a new cycle high and the best levels since 2015 at 125.09. This marks a considerable technical break for the pair, and extends the extremely overbought condition (the 14-day RSI hit its highest since 2001 on Monday). Current momentum however suggests the USD still has the potential to extend this bull cycle, which would open 125.28 ahead of major resistance at 125.86. Initial support is at 121.97.

Foreign Exchange Technical Analysis Homepage markets-real-time Bullet Markets Foreign Exchange News

Taso Anastasiou

Foreign Exchange Technical Analysis Homepage markets-real-time Bullet Markets Foreign Exchange News

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Volatile But Conditions Remain Bullish