Daily Technical Outlook on Major -USD/JPY

   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At  25 Jul 2017 00:06GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
111.09

55 HR EMA
111.28

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
59

14 HR DMI
+ve

Daily Analysis
Consoldiation b4 one more fall

Resistance
112.42 - Last Thur's high
112.08 - Last Fri's high
111.48 - Last Thur's low (now res)

Support
110.64 - Y'day's 1-month low
110.56 - 61.8% r of 108.13-114.49
110.24 - May 18 low

. USD/JPY - 111.23.. Dlr met renewed selling at 112.20 in NZ on Mon n fell below Fri's 111.02 low to 110.77 in Asia. Despite a recovery to 111.17 at European open, price hit 1-month low of 110.64 b4 rising strongly to 11.32 in NY.

. On the bigger picture 1st, dlr's strg rise fm 2016 bottom of 99.00 (Jun) to 118.66 (mid-Dec) confirms MT fall fm 2015 near 13-year peak at 125.86 has end -ed there. Despite subsequent decline to 108.13 in Apr this year, dlr's 3-legegd upmove to 114.49 in mid-Jul suggests broad sideways trading is in store. Having said that, dlr's weakness to 111.02 last Fri signals a strg retracement of said move fm 108.13 has taken place n would head twd 110.56 (61.8% r fm 108.13), however, as hourly n daily oscillators' readings would be in o/sold territory on such move, reckon 109.34 (80.9% r) would remain intact. Selling dlr on recovery is favoured n only abv 112.42 signals low is possibly made, 112.87, then 113.58.

. Today, despite resumption of recent decline to a 1-month low of 110.64, as this lvl was accompanied by 'bullish convergences' on the hourly indicators, subsequent strg bounce in NY to 111.32 would bring consolidation n 111.48 needs to hold for one more fall to 110.35/40. Abv 111.48 risks 111.81 n later 112.08.