Daily USD/JPY Technical Outlook
Last Update At 16 Apr 2021 00:03GMT
Trend daily chart
Sideways
Daily Indicators
Turning down
21 HR EMA
108.77
55 HR EMA
108.92
Trend hourly chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
40
14 HR DMI
-ve
Daily analysis
Marginal fall b4 rebound
Resistance
109.75 - Tue's high.
109.25 - Mon's low (now res).
109.09 - Wed's high.
Support
108.62 - Thur's 3-week low.
108.41 - Mar 23 low.
108.05 - 38.2% r of 103.33-110.96.
USD/JPY - 108.68.. Dlr moved sideways with a soft undertone in Asia Thur n European morning n edged lower to a 3-week low of 108.67. Despite recovery to 108.87 in NY, price later fell in tandem with US yields to 108.62.
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 due to risk-off trades on the COVID-19 pandemic, DLR's brief but strong rise to 111.71 signals temp. low is in place. Having said that, although price ratcheted lower to 102.60 at the start of Jan 2021, subsequent rise to a 1-year 110.96 peak in Mar suggests gain to Proj. target at 111.15 would be seen but res at 111.71 should cap upside due to 'bearish divergences' on daily indicators n yield correction. Last week's retreat to 109.01 signals temp. the top is made n only below 108.41 risks 107.15.
Today, although dlr extended decline FM Mar's 110.96 peaks to a 3-week trough of 108.62, as this lvl was also accompanied by 'bullish convergences' on hourly indicators, sup at 108.41 should contain weakness yield rebound later. A daily close abv 109.09 signals temp. low is made n heads back to 109.75/77 Mon.
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