Daily Technical Outlook on Major - USD/JPY
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Last Update At 10 Oct 2019 23:50GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
107.70
55 HR EMA
107.51
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
59
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
108.97 - 61.8% p[roj. of 104.46-108.47 fm 106.49
108.47 - Sep 6-week high
108.17 - Sep 27 high
Support
107.76 - Y'day's Asian high (now sup)
107.36 - Y'day's European low
107.04 - Y'day's low
USD/JPY - 107.88.. Despite initial brief but sharp fall to 107.04 in Aust. Thur on report of no progress in low-level US/China trade talks, dlr erased loss n rallied on reports of positive trade talk news, price hit 108.01 in NY.
Looking at the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 107.27. 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. Despite dlr's corrective rise to a 4-month high at 112.39 in Apr, dlr's break of said 2019 low to a 33-month trough of 104.46 in late Aug would pressure price twd 103.71 but 102.72 would hold this month. Having said that, subsequent cross-inspired strg rise to 108.47 in mid-Sep confirms temporary low is made, however, last week's fall to 106.49 may head back twd 105.75 b4 rebound.
Today, dlr's rise fm 107.04 to 108.01 suggests correction fm 108.47 has ended last week at 106.49 n as current price is trading abv the 21-hr n 55-hr emas, bullishness remains for a re-test of 108.47 but break there needed to ex- tend upmove fm 104.46 twd 108.97 next week. Only below 107.36 risks 107.04.
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