Weekly Technical Outlook on Major - USD/JPY
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Last Update At 11 Feb 2019 00:06GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
109.78
55 HR EMA
109.79
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
55
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more rise
Resistance
110.82 - 61.8% r of 114.55-104.79
110.48 - Dec 31 high
110.16 - Mon's 1-month high
Support
109.56 - Wed's low
109.43 - Mon's low (NZ)
109.13 - Last Tue's low
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USD/JPY - 109.83.. Despite extending recent upmove fm Jan's 104.79 trough to a 1-month high of 110.16 initially last Mon, profit taking knocked price to 109.56 (Wed) b4 rebounding to 110.09 Thur n then moved sideways on Fri.
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On the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 107.32 in 2017 (Sep) confirms uptrend fm 2016 29-month bottom at 99.00 has made a top. Despite staging a strg rise fm 2018 16-month bottom at to 104.57 to as high as 114.55 in Oct, dlr's fall to 109.57 on last trading day in 2018, then flash crash to a 9- month low at 104.79 early Jan on stop selling confirms correction fm 104.57 has ended. Having said that, subsequent strg rebound suggests choppy trading abv 104. 57 would continue but abv 110.75 needed to bring stronger retracement to 111.40. Below 104.57 needed to revive bearishness for said fall fm 118.66 to head to next chart obj. at 102.55 (probably due to risk-off event).
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Today, dlr's sideways swings in lackluster Fri's seeion suggests further choppy trading below last Mon's 110.16 high would continue, however, as long as 109.56 (Wed's reaction low) holds, upside bias remains for resumption of upmove twd 110.48 obj. Only below 109.56 risks stronger retrace. to 109.43, then 109.13.
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