Daily technical and trading outlook – USD/JPY
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Last Update At 16 Feb 2021 00:06GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
105.27
55 HR EMA
105.10
Trend Hourly Chart
Near term up
Hourly Indicators
Turning down
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
105.76 - Feb's 16-week high (5th)
105.67 - Last week's high (Mon)
105.41 - Mon's high
Support
105.18 - Last Fri's high (now sup)
104.84 - Last Wed's high (now sup)
104.42 - Last week's low (Wed)
USD/JPY - 105.38.. Although dlr traded narrowly in subdued Asian morning on Mon, the pair caught a bid at European open n penetrated Fri's 105.18 to 105 .41 on active cross-selling in yen. Price later moved narrowly in N. America.
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 due to risk-off trades on COVID-19 pandemic, dlr's brief but strg rise to 111.71 signals temp. low is in place. Having said that, although the pair ratcheted lower to 102.60 at the start of Jan 2021, subsequent bounce to 104.39, then rally abv there in the last week of Jan to as high as 105.76 suggests gain twd 107.16 (50% r of 111.71-102.60) may be seen, 'bearish divergences' on daily indicators would cap price below 109.84. Only below 104.39/42 signals top is made, risks 103.33.
Today, dlr's rise fm last week's 104.42 low (Wed) to 105.41 yesterday suggests correction fm Feb's 16-week peak at 105.76 has ended, abv extends rise fm Jan's 102.60 trough to 106.10, 'bearish divergences 'on hourly indicators should cap price below 106.55. Only a daily close below 104.84 risks re-test of 104.42.
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