Daily Technical Outlook on Major - USD/JPY
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Trend Daily Chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
108.68
55 HR EMA
108.65
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
63
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
109.41 - Nov 29 low (now res)
109.20 - Last Tue's high
108.99 - Last Thur's high
Support
108.44 - Last week's low (Wed)
107.90 - Nov's low (1st)
107.71 - 38.2% r of 104.46-109.72
USD/JPY - 108.78.. Dlr moved narrowly in subdued Asian morning n despite a brief retreat to 108.53 near European midday, price jumped on positive U.S./ China trade news n rising U.S. yields to 108.75, then 108.87 in NY b4 easing.
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, subsequent 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 strg rise to a 6-month peak of 109.72 last Mon suggests low has been made. Having said that , subsequent retreat to 108.44 signals temp. top is in place n consolidation with downside bias remains for retracement to 107.71 (being min. 38.2% r fm 104.46) but reckon 106.49 (Oct low) would hold. Only abv 109.72 heads twd 110.67.
Today, dlr's fall fm 109.72 to 108.44 last week signals upmove fm 2019 bottom at 104.46 has made a top, subsequent sideways swings suggest 1st leg of correction over n range trading is seen b4 heading twd 107.90, 'bullish convergen ces' on hourly indicators would keep price abv 107.71. Abv 108.99 risks 109.20.
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