USD/JPY has gained for 8 consecutive days and is at a three-week high but one signal is screaming ‘sell’.
The 100-day moving average fell below the 200-day moving average yesterday — a death cross. Two weeks ago a 55/200-dma crossover took place in EUR/USD and the pair is down 250 pips since.
The pair often moves in tandem with stocks and Treasury yields but the dollar is higher today despite falling yields and stocks.
USDJPY daily
Medium-sized offers lurk at 102.20 and that’s followed by technical resistance at 102.27 with the major downtrend near 102.50.
