USD/JPY: looking to Asian stocks, bearish bias - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair advanced in the American afternoon, following a strong recovery in Wall Street, with the pair above the 118.00 figure by the end of the day, after trading as low as 117.28 earlier in the day.

Key Quotes:

"The pair continues trading on sentiment, with easing risk aversion doing little in weakening the Japanese currency. The short term technical picture is showing that, in the 1 hour chart, the price remains below its 200 SMA whilst the technical indicators are turning south from near overbought territory, supporting a downward corrective movement for the upcoming hours, although that will depend on Asian stocks' behavior."