Weekly technical and trading outlook - USD/JPY
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Last Update At 06 Jul 2020 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
107.51
55 HR EMA
107.52
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
108.40 - 61.8% r of 109.84-106.08
108.16 - Last Wed's 3-week high
107.88 - Last Mon's high
Support
107.34 - Last Thur's low
107.05 - Last week's low (Mon)
106.81 - Jun 26 low
USD/JPY - 107.50... Although the pair continued upmove fm Jun's 106.08 low initially last week n climbed to a 3-week high of 108.16 (Wed) due to rise in U.S. stocks n yields, price later retreated to 107.34 Thur on profit taking.
On the bigger picture, dlr's erratic fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms early uptrend fm 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar on risk- off trades due to coronavirus pandemic, dlr's rally to 111.71 due to broad-based usd's strength signals low has been seen. Although price has staged a strong rebound after retreating to a 7-week low at 105.99 in May, dlr's fall to 106.08 (Jun) suggests recovery has ended at 109.84 n weakness to 105.99 would be seen, break would head twd 105.15, below, 104.51. On the upside, only a daily close abv 108.54 would indicate pullback has ended, 109.84 later.
Today, dlr's fall fm 108.16 (Wed) to 107.34 signals rise fm 106.08 has made a temp. top, subsequent bounce to 107.72 would bring choppy trading, abv 107.88 would bring re-test of 108.16, bearish divergences' on hourly oscillators should keep price below 108.40. Below 107.34 would risk 107.05, 106.81/85.
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