Daily Technical Outlook on Major -USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 13 Feb 2018 00:58GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
108.68

55 HR EMA
108.80

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
49

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
109.79 - Last Thur's high (AUS)
109.31 - Last Fri's high
108.95 - Y'day's high

Support
108.44 - Y'day's low
108.05 - Last Fri's low
107.32 - 2017 bottom (Sep)

USD/JPY - 108. .. Despite extending Fri's gain to 108.95 in NZ on Mon, dlr retreated on profit taking n ratcheted lower to 108.51 in Europe. Price hit session lows of 108.44 in NY b4 rebounding in tandem with the Dow to 108.80.
On the bigger picture, although dlr resumed MT fall fm 118.66 (Dec 2016) to retrace the uptrend fm 2016 29-month bottom at 99.00 to 107.32 in Sep, subse quent rally on rising U.S. yields to Nov's 7-1/2 month peak at 114.74 confirms said decline has formed a temp. low there. Having said that, dlr's fall to 110. 84 in Nov, then to 108.05 last Fri signals said correction fm 107.32 has ended n re-test of this lvl is envisaged, below would pressure price to 105.50, 'bullish convergences' on the daily indicators would keep price abv 103.40. Selling dlr on recovery is therefore favoured n only a daily close abv 110.48 signals temporary low is made n risks stronger retracement twds 111.48
Today, dlr's sideways swings are expected to continue n as long as 108. 44 holds, upside bias remains n abv 108.95 would bring stronger retracement of recent decline to 109.31, however, reckon res 109.79 would remain intact. Only below 108.30/40 risks weakness to 108.00/05, break, 107.75/80.

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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