USD/JPY: If there is more juice in the US dollar, then target 105.80

USD/JPY rallied hard on the covid vaccine news as the greenback picked up a bid. Markets are presuming shorter-term stimulus requirements and the coordination between the Federal Reserve and US government. There is a potential trade setup in the making. The pair trades around 105.50 at the time of writing, maintaining its bullish potential in the near-term. The 4-hour chart shows that it has crossed above all of its moving averages, although with the 20 SMA slowly turning north well below the larger ones. Technical indicators reached overbought levels, the Momentum still advancing, and the RSI stable above 70. A … (full story)

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