USD/JPY: Trade ideas for Sep. 3
On the H1 chart, the USDJPY has strongly consolidated in the bullish trend, due to the fact that this pair has moved away from the 200 EMA, so we might consider that the USDJPY is overbought.
This pair could begin to perform corrective movements in the next few hours, so possibly the USDJPY made a bearish retracement to the support level of 104.41 (50.0 Fibo retracement level). The RSI indicator is in overbought zone, which would be a confirmation that this pair may begin to realize a retracement.
Trading recommendations: We don't recommend to add new intraday positions, because the USDJPY is currently overbought.