The USD/JPY has reversed upwards after hitting depths early this week that had not been seen since the first week of June.
As of this writing the USD/JPY is traversing close to the 134.200 mark in rather quick trading. After hitting a low of nearly 130.400 on early Monday morning – a value last seen on the 6th of June, the USD/JPY currency pair has risen in value. Traders who thought the perceived ‘overbought’ days of the USD/JPY were coming to an end, and wagered on a one way direction downwards should pause to reconsider their strategy.