Wednesday, November 29, 2017
USD/JPY Is Renewing Its Rally
The RSI indicator however could now break out below the second trend line of the divergence (in blue) and during this whole time it developed between the two lines.
Since the moment of the breakout it was clear that the pair would start rallying and anyone who knows the RSI indicator and its signal has probably already made use of it.
What can we expect from now on?
In my opinion, the pair will renew its rally and the first serious resistance to the upside is around 112.70 – 112.80. If there is a successful breakout above that resistance we could expect the rally to continue to 113.20.