Daily technical and trading outlook – USD/JPY
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Last Update At 20 Jan 2022 00:09GMT.
Trend daily chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
114.40
55 HR EMA
114.46
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
46
14 HR DMI
-ve
Daily analysis
Consolidation with upside bias.
Resistance
115.46 - Last Wed's high.
115.05 - Tue's high.
114.78 - Wed's high.
Support
114.21 - Wed's low.
114.01 - Last Thur's low.
113.65 - Last Fri's Asian low.
USD/JPY - 114.40. Although DLR met selling interest at 114.478 at Tokyo open yesterday n fell to 114.22, price rebounded on cros-selling in yen in Europe to 114.55 but only to hit session lows of 114.21 in NY in tandem with US yields.
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, last Fri's decline to 113.39 signals long-overdue correction has taken place n would head back twd 113.15 but 112.54 should hold.
Today, as Fri's rebound from 113.49 to 115.05 Tue suggests recent decline has made a low, as long as 114.01/05 holds, mild upside bias remains, a daily close abv 114.78 would encourage for re-test of 115.05, then 115.26 (61.8% r FM 116.34) but 115.46 should cap upside. Only below 114.65 risks 113.49.
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