USD/JPY is looking north, having rallied for a third consecutive day on Friday. Further gains, however, could be preceded by a minor pullback. The currency pair is currently trading at 111.98, having clocked a high of 112.08 on Friday.
Hourly chart
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As seen above, the relative strength index has diverged in favor of the bears.
The pair, therefore, could trade in a sideways manner for the next few hours or may witness a pullback to 111.64 before capitalization on the “three white soldiers” (three consecutive positive candles) seen in the daily chart.
Trend: bearish
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