USD/JPY session outlook: Still heavily overbought but remains resilient
Some of the cross pairings look exceedingly overbought on shorter-term time-frames but that is usually the case when a sharp trend emerges and does not necessarily mean that a top is in place. We might simply get a period of sideways trade before the next move higher?
- Support should now emerge in USD/JPY near the previous consolidation top at 81.50:
- Sell orders are reportedly solid 83.20/35 and should contain on the first attempt at least:
- Holidays everywhere today so ranges more likely to be very tight.