USD/JPY: 4hr chart turning negative - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY reached a fresh monthly high of 124.57 on the back of dollar's strong GDP readings, but was unable to run higher and pulled back in the American afternoon, holding, however, above the 124.00 level.

Key Quotes:

" In the 4 hours chart, the price has extended further above its 100 and 200 SMAs, but the technical indicators are turning south in positive territory, suggesting the pair may extend its retracement over the upcoming hours, back towards the 123.30/70 price zone."