Weekly technical and trading outlook – USD/JPY
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Last Update At 26 Sep 2021 00:06GMT.
Trend daily chart
Sideways
Daily Indicators
Rising
21 HR EMA
110.62
55 HR EMA
110.32
Trend hourly chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
67
14 HR DMI
+ve
Daily analysis
Resumption of recent upmove.
Resistance
111.65 - Jul's 15-month high (2nd).
111.11 - Jun 24 high.
110.79 - Last Fri's n Aug's high (11th).
Support
110.56 - Last Fri's Asian high (now sup).
110.32 - Last Fri's European low.
110.07 - Sep 17 high.
USD/JPY - 110.77.. Although dlr met renewed selling at 110.03 last Mon n fell to a 4-wk 109.13 low (Wed) on safe-haven yen buying on global stock weak ness, price reversed losses n rallied in tandem with US yields to 110.79 Fri.
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 2020 on risk-off trades due to COVID-19 pandemic, dlr's rally to 111.71 the same month signals correction over. Despite dlr's erratic fall to 102.60 (Jan 2021), subsequent rise to 116.65 at the start of Jul signals pullback is over n as price has risen from 108.73 in early Aug to 110.79, re-test of 111.65 is envisaged but abv needed to head twd 2020 112.22 peak. Despite early erratic fall fm prev. Sep's 110.44 top to 109.12, last week's rally to 110.79 (Fri) has retained bullish outlook.
Today, dlr's gain to a 6-week 110.79 high n rising hourly n daily indicators suggests price would extend recent upmove to 111.10/15, o/bot readings on hourly oscillators should cap the pair below 2021 peak at 111.65. Only a daily close below 110.32 signals temp. top made, 110.03/07, break, 109.77/82.
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