USD/JPY bull flag forms at extremely oversold levels

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By Monday's low, USD/JPY had fallen -12.5% from its July high and the daily RSI (14) had reached its most oversold level since 1996. And with a bullish inside day on Tuesday with a potential bull flag forming on the intraday timeframe, dups look good over the near-term for bulls. Whether it can truly capitalise on any decent rally depends on appetite for risk in general, but for now we look at a cheeky long.

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ملاحظة

Dovish comments from the BOJ helped trigger a bout of yen weakness, to see USD/JPY formed a 3-day bullish reversal (Morning Star). If incoming US data surprises to the upside to send US yields higher, USD/JP Y stands a much better chance of reaching for 149.