Daily Technical Outlook on Major - USD/JPY
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Last Update At 17 Oct 2019 00:51GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
108.71
55 HR EMA
108.60
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Resumption of recent upmove
Resistance
109.31 - Aug high (01)
109.02 - 61.8% proj. of 107.03-108.62 fm 108.04
108.89 - Tue's 2-1/2 month high
Support
108.57 - Y'day's low
108.45 - Mon's NY high (now sup)
108.04 - Mon's low
USD/JPY - 108.67.. Despite initial retreat to 108.61 in Asia y'day on U.S.- China trade concern, price rebounded to 108.80 at NY open n then fell to 108.57 on weak US retail sales. The pair then recovered to 108.84 b4 weakening.
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, then Aug's 33-month bottom at 104.46 suggests correction is over. Having said that, dlr's cross- inspired strg rise to 108.47 in mid-Sep confirms temporary low is made, last week's break of 108.47 suggests said rise fm 2019 low at 106.46 would head twd 109.31 but a weekly close abv there would turn outlook bullish for further headway twd 112.39 in Dec. Only below 106.49 signals top yields 105.75, 104.46.
Today, y'day's sideways swings following rally fm 108.16 to 108.89 suggests range trading would be seen b4 MT rise fm 2019 bottom at 104.46 resumes n extend twd 109.02, 'bearish divergences' on hourly indicators may cap price be- low 109.31. Only below 108.45 indicates temporary top made, risks 108.16, 108.04
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