With the hourly chart relative strength index (RSI) producing lower highs, USD/JPY struggles to find acceptance above the 200-day moving average (MA) line at 111.41 for the second day.
The bearish divergence at the key resistance line indicates scope for a pullback, possibly to the ascending 50-hour MA, currently at 111.04.
On the higher side, a convincing break above the 200-day MA would open the doors for 112.14 (March high).
As of writing, the spot is trading at 111.38, having clocked a high and low of 111.46 and 111.29 earlier today.
Hourly chart
-636897794533027968.png)
Trend: minor pullback likely
Share
