Pair             Daily RSI

EUR/JPY      Overbought

GBP/JPY      Close to being overbought

AUD/JPY     Turning lower from overbought

NZD/JPY     Overbought

CAD/JPY     Overbought

CHF/JPY     Close to being overbought

USD/JPY     Close to being overbought

It’s quite clear the Yen has been hammered across the board. With 14-day RSI overbought on most pairs, it is quite likely that we could be heading into a bout of risk aversion in the markets (recovery in the Japanese Yen due to risk-off).

For me, NZD/JPY is likely to be the first one to go down.


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