USD/JPY on Course for Bearish Correction
November 6th, 2009 Posted in In-Depth Analysis, Technical Analysis
Anton Eljwizat
Name: Anton
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USD/JPY sustained upward movement has finally pushed its price into the over-bought territory on the hourly chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.
USD/JPY Hourly Chart
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Tags: dollar, Forex, forex blog, greenback, MACD, Slow Stochastic, Technical Analysis, USD/JPY, yen
