Weeky Technical Outlook on Major - USD/JPY
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Last Update At 26 Aug 2019 00:16GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
105.59
55 HR EMA
106.04
Trend Hourly Chart
Down
Hourly Indicators
Oversold
14 HR DMI
29
13 HR RSI
-ve
Daily Analysis
Resumption of recent decline
Resistance
106.01 - 61.8% r of 106.97-104.46
105.66 - Aug 14 low (now res)
105.26 - Last Fri's low (now res)
Support
104.46 - Intra-day 32-month low
104.34 - 61.8% proj. of 109.31-105.06 fm 106.97
102.72 - 100% proj. of 109.31-105.06 fm 106.97
. USD/JPY - 104.97.. The pair swung relatively narrowly in directionless trad ing initially last week inside recent 106.97-105.66 range. Despite a brief rise to 106.73 at NY open Fri, price tumbled to 105.26 n then 104.46 in NZ today.
. 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, subsequent flash crash to a 9-month low at 104.79 in early Jan suggests correction is over. Despite dlr's corrective rise to a 4-month high at 112.39 in Apr, subsequent erratic fall to 105.06 in Aug, then today break of said 2019 low to a 32-month trough of 104.46 on safe-haven yen buying due to escalation of U.S.-China trade tensions would pressure price twd 103.71 but 102.72 would hold this month. Only abv 106.97 confirms temporary low is made, risks 107.50/60.
. Today, Fri's selloff fm 106.73 to 105.26 due to active safe-haven yen buy ing on escalation of U.S.-China trade war, then 104.46 in NZ suggests price may head to 104.30/35 after consolidation, o/sold condition should keep dlr abv 104.00/05 n bring minor correction later. Only abv 105.66 risks 105.90/00.
Interested in USDJPY technicals? Check out the key levels
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