USD/JPY - 104.74.. Although dlr staged a recovery to 105.17 in Asia, renew ed selling quickly emerged n knocked price below Thur's 104.81 low to a 1-month troiugh of 104.53 at NY open but only to rebound in tandem with U.S. yields.

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 rally to 111.71 due to broad-based usd's rally signals low has been seen. Having said, dlr's drop to 105.99 (Jun), then a break there to a 4-1/2 month low of 104.19 on the last day of Jul confirms said fall fm 111.71 has resumed. Despite dlr's 1-1/2 month long choppy swings, Wed's break of 105.11 sup signals correction over n re-test of 104.19 is envisaged, 'bullish con convergences' on daily indicators may keep dlr abv 103.20 (80.9% r).

Today, dlr's break of Aug's 105.11 to 104.53 Thur suggests price is en route twd Jul's 104.19 after consolidation, bullish convergences on hourly oscillators would keep price abv said key sup. On the upside, only a daily close abv 105.26 signals temp. low is made, risks gain to 105.54/56, break, 105.80/81.

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AceTrader

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