Daily technical and trading outlook – USD/JPY
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Last Update At 25 Nov 2020 01:44GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
104.48
55 HR EMA
104.30
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
52
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
105.67 - Nov's high (11)
105.13 - Last week's high (Mon)
104.75 - Tue's high
Support
104.15 - Tue's low
103.90 - Last Fri's high (now sup)
103.66 - Last week's low (Wed)
USD/JPY - 104.50.. Dlr swung wildly in hectic trading on Tue. Despite climbing one tick abv Mon's 104.63 high at Asian open, price fell to 104.15 in Europe b4 resuming Mon's impressive rally to session highs of 104.75 in NY.
On the bigger picture, dlr's 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 COVID-19 pandemic, dlr's rise to 111.71 due to broad-based usd's rally signals low has been seen. Having said that, dlr's erratic fall to 104.01 (Sep) indicates correction has possibly ended n below Nov's 7-1/2 month 103.18 trough would add credence to this view n price is en route twd 101.19. On the upside, a daily close abv 105.13 would prolong choppy sideways swings, risks re-test of 105.67 but break needed to head twd 106.10 in Dec.
Today, dlr's Mon's rally fm 103.69 n then break of 104.21 res to 104.75 y'day suggests further volatile swings abv last week's 103.66 low would continue with upside bias, however, 'bearish divergences' on hourly indicators would cap price at 105.13/15. Only below 104.15 signals top is made n risks 103.86/90.
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