Analyst: The upward potential of USD/JPY may be limited.

Jin10 data reported on October 28, analyst Matt Simpson from StoneX commented that the upside potential for USD/JPY may now be limited. This senior market analyst pointed out that the relative strength index for this currency pair has hovered at overbought levels for the third consecutive trading day on the daily chart, currently at its highest level in 12 trading days. He also noted that the one-hour chart shows a lower high formed on Monday, with a multi-day bearish divergence in the relative strength index. Simpson added that short positions in USD/JPY “may attempt to short during a short-term rebound within the upper wick range on Monday, expecting a moderate pullback.”