Daily technical and trading outlook – USD/JPY
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Last Update At 14 Jan 2022 00:09GMT.
Trend daily chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
114.29
55 HR EMA
114.65
Trend hourly chart
Down
Hourly Indicators
Bullish convergences.
13 HR RSI
33
14 HR DMI
-ve
Daily analysis
One more fall b4 rebound.
Resistance
115.05 - Mon's low (now res).
114.70 - Thur's high.
114.39 - Wed's low (now res).
Support
113.95 - Dec 08 2021 high (now sup).
113.59 - 50% r of 110.83-116.34.
113.15 - Dec 17 2021 low.
USD/JPY - 114.09. Despite staging a short-covering bounce to 114.70 in Australia on Thur, price came under renewed selling pressure in Asia n ratcheted lower in tandem with U.S. yields n safe-haven yen buying to 114.01 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 5-year peak of 116.34 in Dec signals LT rise FM 2020 3-1/2 year 101.19 low is en route twd 116.73. Having said that, this week's decline below 115.00 signals long-overdue correction has taken place n may head back twd 113.15 but 112.54 should hold.
Today, DLR's selloff below Mon's 115.05 low (now res) to 114.01 suggests price would head twd 113.95, minor 'bullish convergences' on hourly indicators should keep price abv 113.59 n bring a much-needed recovery. Only a daily close abv 114.70 signals temporary low is made n yields retracement to 115.05 later.
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