USD/JPY Still at Support but Needs to Establish above 112.60 to Work
Chart Prepared by Jamie Saettele, CMT
-I’m still watching for a higher low (above 111.58) in USD/JPY as per the comments regarding RSI. Establishing above 112.60 would be viewed as constructive. “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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