USD/JPY recovers to 105.55 from multi-month lows reached Monday. The hourly chart shows a bullish divergence of RSI. USD/JPY is currently trading at 105.55, representing a 0.18% gain on the day, having put in a 4.5-month low of 105.12 on Monday. The bounce could be attributed to the expectations for endless monetary and fiscal stimulus and risk reset in the Asian equities. The pair could rise further to the 50-hour simple moving average (SMA) at 105.73, as the hourly chart now shows a bullish divergence of the relative strength index. A bullish divergence occurs when an indicator charts higher lows, contradicting lower lows on the price chart and is considered a sign of seller exhaustion. The overall bias, however, would remain bearish as long as the descending triangle breakdown confirmed on July 27 remains valid. The pattern would be invalidated if the pair rises above 106.18. Hourly chart Daily chart Trend: Oversold bounce Technical levels 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 Cardano Price Outlook: ADA/USD bears remain in control of the market FX Street 3 years USD/JPY recovers to 105.55 from multi-month lows reached Monday. The hourly chart shows a bullish divergence of RSI. USD/JPY is currently trading at 105.55, representing a 0.18% gain on the day, having put in a 4.5-month low of 105.12 on Monday. The bounce could be attributed to the expectations for endless monetary and fiscal stimulus and risk reset in the Asian equities. The pair could rise further to the 50-hour simple moving average (SMA) at 105.73, as the hourly chart now shows a bullish divergence of the relative strength index. A bullish divergence occurs when an indicator charts higher lows,… 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.
