USD/JPY looks set for some mean reversion
While the USD and yen have been the strongest currencies so far this week, I suspect the decline on the USD/JPY daily chart is overdone on the daily chart and due a bounce.
A Doji formed on Monday at the October VPOC (volume point of control) to suggest demand just above 149. Given the bullish divergence on the daily and 4-hour RSI (2), the bias is to seek dips within the support zone in anticipation of a bounce to the weekly pivot point around 151.
A Doji formed on Monday at the October VPOC (volume point of control) to suggest demand just above 149. Given the bullish divergence on the daily and 4-hour RSI (2), the bias is to seek dips within the support zone in anticipation of a bounce to the weekly pivot point around 151.
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