Weekly technical and trading outlook – USD/JPY
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Last Update At 12 Apr 2021 00:05GMT
Trend daily chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
109.63
55 HR EMA
109.62
Trend hourly chart
Sideways
Hourly Indicators
Easing fm o/bot
13 HR RSI
61
14 HR DMI
+ve
Daily analysis
Choppy consolidation to continue
Resistance
110.55 - Last Tue's high
110.15 - Last Tue's hourly sup (now res)
109.95 - Last Fri's high
Support
109.39 - Last Fri's Aust. high (now sup)
109.01 - Last week's low (Thur)
107.67 - Mar 24 hourly sup
USD/JPY - 109.73.. Dollar met selling right at the start of last week n fell in erratic manner fm 110.74 (Jan) to as low as 109.01 on Thur due to steady decline in US yields b4 rebounding to 109.95 in NY after Fri's upbeat US PPI.
On the bigger picture, dlr's 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 due to risk-off trades on COVID-19 pandemic, dlr's brief but strg rise to 111.71 signals temp. low is in place. Having said that, although price ratcheted lower to 102.60 at the start of Jan 2021, subsequent rise to a 1-year 110.96 peak in Mar suggests gain to proj. target at 111.15 would be seen but res at 111.71 should cap upside due to 'bearish divergences' on daily indicators n yield correction. Last week's retreat to 109.01 signals temp. top n only below 108.41 risks 107.15.
Today, Fri's rebound in tandem with US yields to 109.95 suggests correct ion fm Mar's 110.96 high has possibly ended n subsequent retreat would bring sideways trading, as long as 109.39 (pre. res, now sup) holds, upside bias remains, abv 109.95 would encourage for gain twd 110.55. Below 109.01, 108.74.
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