Daily technical and trading outlook – USD/JPY
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Last Update At 02 Dec 2021 00:32GMT.
Trend daily chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
113.06
55 HR EMA
113.26
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
47
14 HR DMI
-ve
Daily analysis
One more fall b4 rebound.
Resistance
114.20 - Last Fri's NY high.
113.95 - Mon's high.
113.70 - Tue's NY high.
Support
112.54 - Tue's 6-week low.
112.31 - 50% r of 109.12-115.51.
112.07 - Sep 30 high (now sup).
USD/JPY - 112.98.. Although dlr met renewed buying interest at Tokyo open day following rally fm Tue's 6-week low at 112.54 to 113.70 n ratcheted higher fm 113.06 to 113.62, price tumbled in tandem with U.S. yields to 112.68 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 2020 on risk-off trades due to COVID-19 pandemic, DLR's rally to 111.71 the same month signals correction over. Despite dlr's erratic fall to 102.60 (Jan 2021), subsequent rise to 116.65 at the start of Jul, then break of 2020 top at 112.22 to a fresh 3- year peak of 115.51 last week signals LT rise fm 2020 3-1/2 year low at 101.19 is en route twd 116.17. Having ssid that, Fri's selloff to 113.06 confirms temp. top is made n a weekly close below Nov's 102.73 would risk 112.07, then 110.83.
Today, dlr's fall to 112.68 suggests correction fm 112.54 has ended n decline fm Nov's 115.51 would extend marginal weakness, 'bullish convergences' on hourly indicators would limit downside to 112.21/31 n bring retrace. of said fall . Only abv 113.70 signals 1st leg of correction fm 115.51 over, yields 114.20/30.
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