The Japanese yen recouped some losses after a drop in February’s unemployment rate. The pair surged to August 2015’s high and the psychological level of 125.00.
An overwhelmingly overbought RSI may cause a pullback if short-term buyers start to unwind their bets. As the market mood stays upbeat, trend followers could be waiting to jump in at a discount.
122.20 is the closest level if the greenback needs to gather support. A break above the current resistance would propel the pair to new highs above 127.00.
