Daily technical and trading outlook – USD/JPY
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Last Update At 13 May 2021 00:09GMT
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
109.35
55 HR EMA
109.07
Trend hourly chart
Up
Hourly Indicators
Overbought
13 HR RSI
80
14 HR DMI
+ve
Daily analysis
Resumption of recent upmove.
Resistance
110.96 - 2021 1-year high (mar 31).
110.30 - 80.9% r of 110.96-107.49.
109.95 - Apr 09 high.
Support
109.48 - Last Tue's high (now sup).
109.28 - Last Fri's high (now sup).
109.05 - Mon's high (now sup).
USD/JPY - 109.75..Despite initial retreat fm Asian 108.90 high to 108.67 ahead of NY open, dlr 'jumped' in tandem with U.S. yields after US CPI rose the most since 2009, price later rallied to as high as 109.70 near NY close.
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 2020 on risk-off trades due to the COVID-19 pandemic, DLR's strong rise to 111.71 signals temp. low is made. Having said that, although price ratcheted lower to 102.60 at the start of Jan 2021, subsequent rise to a 1-year 110.96 peak in Mar suggests gain to proj. target at 111.15 would be seen but res at 111.71 should cap upside. Apr's fall to 107.49 signals range trading with downside bias remains but daily close below 107.49 needed to head to 106.78 (50% r) b4 rebound, abv 109.95, 110.50/55.
Today, Wed's rise abv last Fri's 109.28 high (now sup), then break of prev. May's 109.69 top to a near 1-month peak of 109.70 suggests correction fm 2021 peak at 110.96 (Mar) has ended n a daily close abv 109.95 res would bode well for re-test of 110.96 next week. Only Below 109.28 risks 109.05, 108.90.
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