USD/JPY bounces off intraday low, snaps four-day uptrend. Easing RSI favor further consolidation of gains but 100-day SMA offers strong support. Despite the recent bounce off 104.85 to 104.90, USD/JPY prints 0.07% intraday losses, the first negative in five days, during Tuesday’s Asian trading. In doing so, the quote steps back from the highest since mid-November amid easing RSI from nearly overbought conditions. Considering the RSI situations and the market’s latest risk-off mood, USD/JPY is likely to extend the latest pullback towards the 104.40 support confluence including 100-day SMA and the early January high. Read: S&P 500 Futures part ways from Wall Street’s optimism as Gamestop, US stimulus gridlock probe bulls However, an ascending trend line from January 06, at 103.86 now, will offer a tough nut to crack for USD/JPY sellers. Meanwhile, buyers are likely to take fresh positions only if the quote crosses the latest high of 105.03. Following that 38.2% Fibonacci retracement of June 2020 to January 2021 downside, around 105.35 and 200-day SMA near 105.60 will be the key to watch. Overall, USD/JPY remains strong but RSI conditions favor retracement. USD/JPY daily chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Price Analysis: BTC bulls step back from key hurdle above $34,200 FX Street 1 year USD/JPY bounces off intraday low, snaps four-day uptrend. Easing RSI favor further consolidation of gains but 100-day SMA offers strong support. Despite the recent bounce off 104.85 to 104.90, USD/JPY prints 0.07% intraday losses, the first negative in five days, during Tuesday’s Asian trading. In doing so, the quote steps back from the highest since mid-November amid easing RSI from nearly overbought conditions. Considering the RSI situations and the market’s latest risk-off mood, USD/JPY is likely to extend the latest pullback towards the 104.40 support confluence including 100-day SMA and the early January high. Read: S&P 500 Futures part ways from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
