USDJPY is coming under some downward pressure today after hitting a high of 103.40. This is not unusual as the daily relative strength index is testing 70 and is close to overbought territory after a strong rally in recent weeks. We are approaching a key resistance zone between 103.50 (rumoured barrier option level) and 103.75 – the high from 22nd May. This could prove to be sticky and may account for today’s pullback.
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