Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 13 Oct 2017 00:13GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
112.29

55 HR EMA
112.36

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
44

14 HR DMI
-ve

Daily Analysis
Choppy consolidation b4 one more fall

Resistance
113.08 - Last Fri's European high
112.83 - Tue's high
112.59 - Wed's high

Support
111.99 - Tue's low
111.80 - Prev. hourly res (now sup)
111.48 - Sep 25 low

USD/JPY - 112.24.. Dlr traded sideways in lacklustre Thur's session inside near term established range of 111.99-112.59 as focus was on other G4 currencies. Price edged lower to 112.13 in NY b4 inching higher at the close.
On the daily chart, despite dlr's resumption of MT decline fm 118.66 (Dec 2016) to retrace early uptrend fm 2016 29-month bottom at 99.00 to 107.32 in early Sep, subsequent impressive rally on rising U.S. yields to a 2-month of 113.26 in Sep confirms aforesaid decline has formed a low there as this lvl was also accompanied by 'bullish converging signals' on the daily indicators n upside bias remains for gain to 113.58, o/bot readings on the daily indicators are expected to cap price at 114.49 (Jul high) n risk is seen for a correction of aforesaid rise fm 107.32. Having said that, dlr's decline fm 113.44 last Fri signals temp. top made n may head twd sup at 111.48 but 111.10 (38.2% r) hold.
Today, dlr's choppy trading fm 111.99 suggests 1st leg of correction fm last Fri's 113.44 top has ended n more consolidation is seen, reckon res 112.83 would cap present rise n yield another decline, however, 'bullish convergences' on hourly indicators would keep price abv 111.48. Only abv 113.08 risks 113.44.

Author

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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