USD/JPY Daily RSI Provides Clues Regarding Reliability of Turn
Chart Prepared by Jamie Saettele, CMT
-There is no change to USD/JPY comments other than noting that 114.80-115.10 should be watched for resistance. “The turn higher is viewed as sustainable for several reasons. First, price turned up from a well-defined price level. Second, daily RSI turned up from near 40, which is consistent with either bullish resumption of the bottom of a range. In contrast, bear market rallies turn up from deeply oversold conditions and are quickly retraced.”
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