Daily USD/JPY technical outlook
Last Update At 02 Dec 2021 00:32GMT.
Trend daily chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
113.06
55 HR EMA
113.26
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
47
14 HR DMI
-ve
Daily analysis
One more fall b4 rebound.
Resistance
114.20 - Last Fri's NY high.
113.95 - Mon's high.
113.70 - Tue's NY high.
Support
112.54 - Tue's 6-week low.
112.31 - 50% r of 109.12-115.51.
112.07 - Sep 30 high (now sup).
USD/JPY - 112.98.. Although dlr met renewed buying interest at Tokyo open day following rally fm Tue's 6-week low at 112.54 to 113.70 n ratcheted higher fm 113.06 to 113.62, price tumbled in tandem with U.S. yields to 112.68 in NY.
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, then break of 2020 top at 112.22 to a fresh 3- year peak of 115.51 last week signals LT rise fm 2020 3-1/2 year low at 101.19 is en route twd 116.17. Having ssid that, Fri's selloff to 113.06 confirms temp. top is made n a weekly close below Nov's 102.73 would risk 112.07, then 110.83.
Today, dlr's fall to 112.68 suggests correction fm 112.54 has ended n decline fm Nov's 115.51 would extend marginal weakness, 'bullish convergences' on hourly indicators would limit downside to 112.21/31 n bring retrace. of said fall . Only abv 113.70 signals 1st leg of correction fm 115.51 over, yields 114.20/30.
-637740273864538189.png)
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
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.