USD/JPY - 104.54... Dlr moved narrowly y'day in Asia abv Wed's 104.78 low n gained to 105.29 in Europe on cross-selling in yen b4 falling to a 4-1/2 month trough at 104.69 near NY closing 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 coronavirus pandemic, dlr's rally to 111.71 due to broad-based usd's strength signals low has been seen. Although price has staged a strong rebound after retreating to a 7-week low at 105.99 in May, dlr's drop to 106.08 (Jun), then last Fri's break below 105.99 confirms decline fm 111.71 to retrace MT rise fm 101.19 would head twd 104.40, 'bullish convergences' on daily indicators may keep price abv 103.20 (80.9% r). Only abv 106.65 risks 107.53, 108.16.

Today, although y'day's break below Wed's 4-month trough at 104.78 signals MT erratic downtrend remains in progress n marginal weakness is seen, bullish convergences on hourly indicators would keep price abv 104.11 n yield correction. Only abv 104.96 indicates temp. bottom is made, risk 105.29/37.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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