USD/JPY - 114.08.. Although DLR rose marginally abv Tue's 113.98 top to 114 .00 ahead of Asian open, price ratcheted lower to 113.73 at NY open b4 rallying on upbeat US data. Later price hit session highs of 114.21 in post-FOMC trading.

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 114.69 last week signals LT rise fm 2020 3-1/2 year trough at 101.19 is en route twd 115.51, 'bearish divergences' on daily indicators would cap price below 118.66. Only below 113.01 risks 112.07.

Today, DLR's early rally fm last week's 113.26 low (Thur) to 114.44 Mon suggests correction fm 114.69 has ended, despite subsequent daily swings, as long as 113.47 holds, upside bias remains, abv 114.44 would encourage for re-test of 114.69, break, 115.00. Only below 113.73 dampens bullish view, risks 113.47.

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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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