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US rally overextended vs Yen? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the dollar rallied up to 123.66 against the Japanese yen, retreating, however, from the fresh 2-week high before Wall Street's close.

    Key Quotes:

    "Dollar's rally after Yellen's comments was interrupted by news that the ECB may present its economic outlook with no major revisions this Thursday, although further stimulus is out of the question for now. The USD/JPY pair has been developing a more constructive outlook ever since the week started, although investors will likely wait until Friday's US employment figures to determinate where to go with the pair.

    Short term, the pair is set to correct lower as in the 1 hour chart, the technical indicators are heading south from extreme overbought levels, but the price is well above the 100 and 200 SMAs.

    In the 4 hours chart, the technical indicators turned lower, but remain in positive territory, whilst the price stands well above a flat 100 SMA, presenting a limited upward potential at the time being."
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