USDJPY

USD/JPY trades to a fresh yearly high (110.97) as a bull flag formation unfolds in March, with a ‘golden cross’ formation taking shake during the same period as the 50-Day SMA (106.70) crossed above the 200-Day SMA (105.60).

The RSI reflects a similar dynamic as it continues to track the upward trend from the start of the year, and the overbought reading in the oscillator is likely to be accompanied by a further appreciation in USD/JPY like the behavior seen earlier this month.

Im expecting the bullish movement to continue until the highs are retested. From there as long as the highs are not broken we should have a pretty nice retracement.