Daily technical and trading outlook - USD/JPY
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Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
107.25
55 HR EMA
107.34
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
44
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
108.40 - 61.8% r of 109.84-106.08
108.16 - Last Wed's 3-week high
107.78 - This week's high (Tue)
Support
107.11 - Y'day's low
107.05 - Last week's low (Mon)
106.81 - Jun 26 low
USD/JPY - 107.22... Dlr continued to swing sideways in directionless trading on Thur as market focus was on other majors. Despite rebounding fm 107.19 to 107.39 (Europe), price fell to 107.11 in NY b4 recovering to 107.35.
On the bigger picture, dlr's erratic fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms early uptrend fm 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar on risk- off trades due to coronavirus pandemic, dlr's rally to 111.71 due to broad-based usd's strength signals low has been seen. Although price has staged a strong rebound after retreating to a 7-week low at 105.99 in May, dlr's fall to 106.08 (Jun) suggests recovery has ended at 109.84 n weakness to 105.99 would be seen, break would head twd 105.15, below, 104.51. On the upside, only a daily close abv 108.54 would indicate pullback has ended, 109.84 later.
Today, despite y'day's resumption of decline fm Jul's 108.16 high to a to a 9-day low of 107.11, as this lvl was accompanied by 'bullish convergences' on hourly indicators, reckon sup 106.81 would contain weakness n bring rebound. Abv 107.78 signals pullback over n would head twd 108.16. Below 106.81, 106.39.
Interested in USD/JPY technicals? Check out the key levels
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