Daily Technical Outlook on Major - USD/JPY
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Last Update At 17 May 2019 00:24GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
109.76
55 HR EMA
109.66
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
66
14 HR DMI
+ve
Daily Analysis
Marginal gain b4 retreat
Resistance
110.97 - May 06 high
110.28 - Last Mon's low (now res)
110.05 - Last Fri's high
Support
109.34 - Y'day's low
109.02 - Mon's fresh 3-month low
108.84 - 100% proj. of 112.39-110.28 fm 110.95
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USD/JPY - 109.83.. Dlr traded sideways in subdued Asian morning b4 climbing in Europe due to renewd usd's strength, price later hit sessions highs of 109.97 in NY after upbeat U.S. data n rebound in U.S. Treasury yields.
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Looking at the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 107.32 in 2017 (Sep) confirms uptrend fm 2016 29-month bottom at 99.00 has made a top. Despite a strg rise fm 2018 16-month bottom at 104.57 to 114.55 in Oct, subse- quent flash crash to a 9-month low at 104.79 in early Jan suggests correction is over. However, dlr's erratic rise to a 4-month high at 112.39 in Apr indicates choppy trading abv 104.57 would continue n said move fm 104.79 may head twd 113. .38 (50% proj. of 104.79-112.14 projected fm 109.71). Having said that, dlr's dec line to a 3-month low at 109.02 Mon on U.S.-China trade tensions indicates temp. top is made n would head to 108.50 but 107.69 (61.8% r) should hold in May.
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Today, despite dlr's anticipated rise fm 109.02 (Mon) to 109.97, as this move is seen as retarcement of recent decline, reckon prev. res at 110.05 would cap intra-day gain due to minor 'bearish divergences' on hourly indicators. Below 109.34 would re-test 109.02, then 108.50 next week. Abv 110.28, 110.65/70
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