Daily USD/JPY technical outlook
Last Update At 21 Jul 2021 00:11GMT.
Trend daily chart
Sideways
Daily Indicators
Falling
21 HR EMA
109.76
55 HR EMA
109.75
Trend hourly chart
Sideways
Hourly Indicators
Rising
13 HR RSI
61
14 HR DMI
+ve
Daily analysis
Choppy consolidation to continue.
Resistance
110.69 - Last week's high (Wed).
110.34 - Last Fri's high.
110.03 - Mon's European high.
Support
109.72 - Last Thur's low.
109.34 - Tue's low.
109.07 - Mon's 7-week low.
USD/JPY - 109.89.. Despite initial sideways swings on Tue n intra-day gain to 109.74 in Europe, dlr briefly fell to 109.34 b4 rallying in NY in tandem with US yields n hit 109.95 due to risk sentiment on rebound in global stocks.
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 2020 on risk-off trades due to COVID-19 pandemic, dlr's strg rise to 111.71 signals low is made. Having said that, although price ratcheted higher to a 15-month peak of 111.65 in early Jul after a retreat to 107.49 in Apr, subsequent cross-inspired fall to 109.54 in Jul signals long-awaited correction has taken place as 111.65 top was also accompanied by 'bearish divergences' on daily indicators n weakness to 108. 57 is seen but 108.19 (38.2% r of 102.60-111.65) may hold. Abv 110.69, 111.65.
Today, dlr's rebound fm 109.34 to 109.95 in NY on short covering suggests recent decline fm Jul's 111.65 peak has made a temp. low at Mon's 7-week trough at 109.07 n rising hourly indicators signal consolidation with upside bias remains for gain twd 110.34 b4 down. Below 109.34, 109.07, then 108.57.
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
AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.