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USD/JPY hits weekly high of 134.46

Mohamed Abdelhamid 16 February, 2023 9:22 pm Forex Market, Market Update

After reaching a daily high of 134.46, the USD/JPY stabilized around the 134.00 level, while bears intervened at the weekly highs and drove prices lower.

The pair turned directions and suffered only slight losses of 0.08%. The USD/JPY pair is trading around 134.10s on Thursday. Negative divergence between oscillators and price action could pave the way for downside action.

On February 15, the USD/JPY reached a daily high at 134.35, and since then, the USD/JPY has remained sideways within the 133.60/134.30 area.

Even though the Relative Strength Index (RSI) is in bullish territory, as USD/JPY price action has headed north, the RSI did not. Hence, a negative divergence could emerge, suggesting that a price reversal is looming.

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