USD/JPY continued gaining traction for the second consecutive session on Thursday. Overbought conditions on hourly/daily charts now warrant some caution for bulls. The USD/JPY pair added to the overnight strong gains and jumped to fresh multi-month tops, closer to the 112.00 round-figure mark during the early European session on Thursday. The previous session’s sustained break through a four-month-old ascending channel was seen as a fresh bullish trigger and continued fueling the momentum for the second straight day. However, technical indicators are pointing to extremely over-stretched conditions on hourly charts and have just started moving into the overbought territory on the daily chart. The set-up warrants caution for bullish traders, rather makes it prudent to wait for some consolidation or a modest pullback and before positioning for any further near-term gains. Meanwhile, any meaningful pullback now seems to attract some dip-buying near the 111.60-50 region and should help limit any deeper losses amid fading safe-haven demand. USD/JPY daily chart 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next EUR/PLN: PLN appreciation by the end of the year – Nordea FX Street 2 years USD/JPY continued gaining traction for the second consecutive session on Thursday. Overbought conditions on hourly/daily charts now warrant some caution for bulls. The USD/JPY pair added to the overnight strong gains and jumped to fresh multi-month tops, closer to the 112.00 round-figure mark during the early European session on Thursday. The previous session's sustained break through a four-month-old ascending channel was seen as a fresh bullish trigger and continued fueling the momentum for the second straight day. However, technical indicators are pointing to extremely over-stretched conditions on hourly charts and have just started moving into the overbought territory on the… Top 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.
