DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 21 May 2020 00:04GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
107.59
55 HR EMA
107.56
Trend Hourly Chart
Sideways
Hourly Indicators
Rising fm o/s
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
108.52 - 100% proj. of 105.99-107.76 fm 106.75
108.08 - Tue's 1-month high
107.76 - Last week's high (Mon)
Support
107.34 - Wed's low
107.04 - This week's low (Mon in NZ)
106.75 - Last Wed's low
USD/JPY - 107.56 ... Although dlr met renewed buying at 107.65 in Australia y'day n rebounded to 107.98 at Asian open, failure to re-test Tue's 1-month high at 108.08 pressured price to 107.34 in NY morning b4 recovering.
Looking at the bigger picture, dlr's 'erratic' fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms the early uptrend fm 2016 29-month bottom at 99.00 has made a top there. Although price ratcheted higher to a 9-1/2 month top of 112.22 in Feb, dlr then tumbled in tandem with U.S. stocks n yields to a 3-1/2 year trough of 101.19 in early Mar on risk-off trades due to coronavirus pandemic. Having said that, dlr's rally to 111.71 on broad-based usd's strength due to funding demand signals low has been seen. Despite subsequent fall to a 7-week low of 105.99 in May, dlr's gain to 108.08 on Tue signals pullback fm 111.71 is over n price is en route twd 108.85, break would extend twd 109.37.
Today, dlr's decline to 107.34 due to usd's weakness in NY y'day suggests recent 3-legged rise fm May's 105.99 low has made a top at 108.08 (Tue) n stronger retracement twd 107.03 (50% r) is envisaged, o/sold readings fm hourly indicators should keep price abv 106.75. Abv 108.08 risks 108.35/40.
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 stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.