USD/JPY: overbought but maybe overdone? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY extended its rally to fresh 6-week highs, standing by the end of the day a few pips above 106.80, the pre-Brexit high.

Key Quotes:

"The advance accelerated in the US afternoon, as Wall Street reached fresh record highs, although the lack of volume resulted in moderate gains for both, stocks and the pair. The USD/JPY pair is biased higher in the short term, as in the 1 hour chart, the price continues advancing above its 100 and 200 SMAs, which maintain bullish slopes. Technical indicators in the mentioned time frame have turned modestly lower from near overbought readings, but are far from suggesting a downward move ahead."