Daily technical and trading outlook – USD/JPY
| Daily USD/JPY technical outlook
Last Update At 09 Dec 2021 00:56GMT.
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
113.68
55 HR EMA
113.57
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
56
14 HR DMI
-ve
Daily analysis
Consolidation with a neutral bias.
Resistance
114.60 - Nov 26 Asian low (now res).
114.20 - Nov 26 NY high.
113.95 - Wed's high.
Support
113.60 - Wed's NY low.
113.32 - Wed's low.
113.08 - Mon's NY low.
USD/JPY - 113.75. Although DLR ratcheted lower to 113.32 at European mid-day, price rallied in tandem with US yields in NY morning to an 8-day high of 113 .95 b4 retreating to 113.60 due to broad-based usd's weakness on risk sentiment.
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 two 116.17. Having said that, last week's drop to 112.54 confirms temp. top is made n a weekly close below Nov's 102.73 would risk 112.07, then 110.83.
Today, as Wed's 113.95 high as also accompanied by 'bearish divergences' on hourly indicators, subsequent retreat to 113.60 would bring consolidation, be- low 113.32 signals correction FM Nov's 6-week 112.54 low has possibly ended, then weakness to 113.08 would follow. Only abv 113.95 extends to 114.20 b4 retreat.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.