USD/JPY - 114.54.. Although dlr came under selling pressure on broad-based usd weakness in Asia n fell fm 114.35 (Asia) to 113.89 in European morning, strg rebound in US yields lifted price to 114.33 in NY morning, then later 114.39.

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 rally to 111.71 the same month signals correction over. Despite dlr's erratic fall to 102.60 (Jan 2021), subsequent rise to 116.65 at the start of Jul signals pullback is over n dlr's break of 2020 top at 112.22 top in early Oct to a 3-year peak of 114.46 last week signals LT rise fm 2020 3-1/2 year trough at 101.19 is en route twd 115.51, overbought readings on daily indicators would cap price below 118.66. Only below 113.22 risks 112.07.

Today, dlr's intra-day break abv Fri's 3-year 114.46 peak ahead of Tokyo open confirms recent uptrend has resumed n would head to 114.74, 'bearish diverivergences' on hourly indicators would prevent strg gain abv 115.00 n reckon 115. 51 should cap upside. Only below 114.16/20 signals temp. top made, 113.89.

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AceTrader

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