Daily Technical Outlook on Major - USD/JPY
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Last Update At 17 Dec 2019 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
109.51
55 HR EMA
109.38
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
110.44 - 61.8% proj. of 106.49-109.72 fm 108.44
109.93 - May 30 high
109.72 - Dec's 6-month high (02)
Support
109.21 - Last Fri's NY low
108.94 - Last Fri's low (AUS)
108.69 - Last Thur's European morning high (now sup)
USD/JPY - 109.55.. Despite Fri's cross-inspired retreat fm 109.70 to 109.21 in NY session, dlr moved narrowly in subdued Asian morning n rebounded in tandem with rising U.S. yields in NY session to 109.67 due to renewed selling in yen.
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 strg rise to a 6-month peak of 109.72 on Dec 02 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 rebound to 109.67 y'day suggests a re-test of Dec's 6-month peak at 109.72 is seen, abv would extend MT upmove fm 104.46 twd 109.93, 'bearish divergences' on hourly indicators should cap price at 110.20/25 n yield correction. Below 109.37/40 signals top, 109.21, 108.94.
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