DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 13 Jan 2021 00:24GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
103.98
55 HR EMA
104.02
Trend Hourly Chart
Down
Hourly Indicators
Oversold
13 HR RSI
26
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
104.57 - Dec 10 high
104.39 - Mon's high
104.08 - Last Fri's high
Support
103.61 - Last Fri's low
103.44 - Last Wed's high (now sup)
102.95 - Jan 06 low
USD/JPY - 103.68.. Dlr moved narrowly in Asia n European morning y'day following Mon's gain to a 4-week high of 104.39, price later rebounded to 104.33 in NY b4 tumbling to 103.73 in late NY on usd's broad-based weakness.
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 on risk-off trades due to COVID-19 pandemic, dlr's brief but strg rise to 111.71 signals temp. low has been seen. Having said that, dlr's erratic fall to 103.18 in Nov , then 102.60 last week indicates correction has ended n price is en route twd 101.19 later this month. On the upside, only a daily close abv 104.75 prolongs choppy sideways swings, then risk is seen for gain to 105.67 but only a break there is needed to abort bearishness on dlr n yield upmove to 106.25/35.
Today, as y'day's selloff to 103.73 signals upmove fm Jan's 9-1/2 month bottom at 102.60 has made a temp. top at 104.39 Mon n retrace. to 103.28 (61.8%) would be seen, however, as hourly oscillators would be in o/sold territory, reckon 102.95/00 should hold. Only abv 104.08/10 brings re-test of 104.39.
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