The US dollar rose further against the yen during the American session as stocks in Wall Street consolidate gains. USD/JPY hit a fresh daily high at 111.92 and it was standing near the top, eying 112.00.
The pair is rising for the second trading day in a row as it continues to recover after falling on Thursday to 110.66, the lowest level since October 2014.
So far it was a quiet day in the forex market with limited price action. Greenback is among the top performer while the yen is showing mix results across the board. In the US, the Dow Jones index was gaining 0.10% and the Nasdaq was up 0.15%.
USD/JPY technical outlook
“Technically, the 1 hour chart shows that the price remains below a bearish 100 SMA, currently at 112.10, while the technical indicators have lost upward strength after recovering positive ground”, saidValeria Bednarik, Chief Analyst at FXStreet.
According to her the 4-hour chart, shows Momentum indicator heading south above the 100 level, “while the RSI indicator heads higher around 46, all of which continues to limit the possibility of a stronger advance.”
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