USDJPY Is Bullish! Long!

May 22, 2023

Here is our detailed technical review for USDJPY.

Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is approaching a key horizontal level 138.031.

Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 139.176 level.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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