USD/JPY is very quiet in Tokyo's open, stationary around 113 the figure, with the buyers lurking just below the last amid a better risk environment.
USD/JPY bulls were able to capitalise on a slightly improve tone in risk and rose to 113.13 overnight as US stocks manage to scrape a positive close on Wall Street.
The USD/JPY pair dipped below 113.00 soon before press time, adding credence to the bearish divergence of the relative strength index (RSI) seen in the hourly chart. The bearish development on the hourly RSI also indicates the recovery rally from the recent low of 112.30 has likely ended. The bearish RSI divergence would be invalidated if the pair rises above 113.23.
USD/JPY bulls were able to capitalise on a slightly improve tone in risk and rose to 113.13 overnight as US stocks manage to scrape a positive close on Wall Street.
The USD/JPY pair dipped below 113.00 soon before press time, adding credence to the bearish divergence of the relative strength index (RSI) seen in the hourly chart. The bearish development on the hourly RSI also indicates the recovery rally from the recent low of 112.30 has likely ended. The bearish RSI divergence would be invalidated if the pair rises above 113.23.