DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 18 May 2017 00:49GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
111.56
55 HR EMA
112.334
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
112.24 - Y'day's Euoepan morning low (now rs)
111.60 -Hourly chart
111.307 - 38.2% r of 112.55-110.53
Support
110.53 - Intra-day low
110.11 - Mar low (27th)
109.60 - pr 24 low
-
USD/JPY - 111.07.. The pair tumbled in Asian, European n NY sessions on Wed as market reacted negatively to continued U.S. political turmoil. Price fell fm 113.14 (AUS) to 112.24 at European midday n then to 111.80 near NY close.
-
On the bigger picture, dlr's rally fm 2016 bottom of 99.00 (Jun) to a 10-1/2 month high of 118.66 (mid-Dec) confirms MT fall fm 2015 near 13-year peak at 125.86 has formed a low there. Despite subsequent weakness to 108.13 in mid-Apr, dlr's cross-inspired strg rise to 114.37 last Wed suggests aforesaid fall fm 118.66 has ended there. Having said that, this week's selloff due to safe haven buying of yen on political turmoil at the White House suggests downside bias remains for weakness to 110.11, however, as long as pivotal sup at 109.60 holds, another leg of upmove may be seen in Jun. Abv 113.13 signals pullback is over n revive previous bullish prospect of another rise twd 114.37.
-
Today, despite initial weakness to 110.53 in thin Australian trading, dlr's strg bounce to 111.23 in Asia suggests consolidation is in store b4 prospect of marginal fall, as hourly indicators would display minor 'bullish convergences' on next decline, 110.00 may hold. Only abv 112.24 signals low made.
Interested in USD/JPY technicals? Check out the key levels
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.