USD/JPY: extended to fresh week highs at 106.52 - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that after extending its rally to a fresh 4-week high of 106.52, the USD/JPY pair turned south late in the US afternoon, to close the day in the red, a few pips below the 106.00 level.

Key Quotes:

"The early advance was fueled by positive housing data, but the poor performance of US stocks, pushed the pair back lower at the end of the day. Still holding within its latest range, the 1 hour chart for the pair shows that the price remains above a bullish 100 SMA, currently around 105.50 and offering an immediate short term support, while the Momentum indicator is bouncing modestly from its 100 line, and the RSI indicator heads lower around 46, favoring a limited slide ahead."