USD/JPY clocked a six-month high despite risk-off sentiment. Yen takes cues from Yuan and other Asian currencies. The USD/JPY hourly chart shows overbought conditions, so the rally could stall for a few hours or a minor pullback could be in the offing. The USD/JPY pair rose to 112.35 in Asia – the highest level in January despite escalating US-China trade tensions and the risk-off sentiment. The Japanese Yen is increasingly taking cues from the sliding Asian currencies, especially the Chinese Yuan as broad realignment is underway due to anticipated changes in terms of trade, according to Reuters. So, the traditional Intermarket correlations have broken down, i.e. JPY is not responding to risk aversion. For instance, Dow Jones Industrial Average (DJIA) fell more than 200 pips, still, USD/JPY has found acceptance above 112.00 The currency pair has cleared a key long-term falling trendline hurdle and could rise to 113.00 if the US consumer price index, scheduled for release at 12:30 GMT today, beats estimates. As of writing, the USD/JPY pair is trading at 112.28 and looks overbought as per the 14-hour relative strength index (RSI). So, the currency pair could trade in the sideways manner over the next few hours or could see a minor pullback to 112.00. Hourly chart Spot Rate: 112.28 Daily High: 112.35 Daily Low: 111.91 Trend: Intraday overbought conditions Resistance R1: 113.00 (psychological level) R2: 113.23 (200-week moving average) R3: 113.75 (December 2017 high) Support S1: 112.06 (10-hour moving average) S2: 111.34 (50-hour moving average) S3: 110.97 (100-hour moving average) Â 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 BOK’s Lee: Recent fall in KRW is not excessive FX Street 4 years USD/JPY clocked a six-month high despite risk-off sentiment. Yen takes cues from Yuan and other Asian currencies. The USD/JPY hourly chart shows overbought conditions, so the rally could stall for a few hours or a minor pullback could be in the offing. The USD/JPY pair rose to 112.35 in Asia - the highest level in January despite escalating US-China trade tensions and the risk-off sentiment. The Japanese Yen is increasingly taking cues from the sliding Asian currencies, especially the Chinese Yuan as broad realignment is underway due to anticipated changes in terms of trade, according to Reuters. So, the traditional… 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.