USD/JPY Rally Fizzles with RSI Reversing Ahead of Overbought Zone
USD/JPY pushed above the 200-Day SMA (137.12) to clear the December 2022 high (138.18), but recent developments in the Relative Strength Index (RSI) suggest the bullish momentum is abating as the oscillator reverses ahead of overbought territory. The recent advance in USD/JPY has been accompanied by a rise in US Treasury yields, but the exchange rate struggles to extend the series of higher highs and lows from earlier this week as it pulls back from a fresh monthly high (138.75). Looking ahead, the Federal Open Market Committee (FOMC) Minutes may sway USD/JPY as the central bank warns that ‘the economy is likely to
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