Daily Technical Outlook on Major - USD/JPY

   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 24 Apr 2018 00:15GMT

Trend Daily Chart
Down

Daily Indicators
Rising

21 HR EMA
108.43

55 HR EMA
108.04

Trend Hourly Chart
Up

Hourly Indicators
O/bot

13 HR RSI
80

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
109.79 - Feb 08 high
109.16 - 50% r of 113.75-104.57
108.75 - Y'day's 2-month high

Support
108.28 - Mon's Euroean morning high (now sup)
107.90 - Feb 21 high (now sup)
107.50 - Hourly chart

. USD/JPY - 108.78.. The greenback maintained a firm undertone in Asia on Mon due to rising U.S. Treasury yields n renewed usd's strength, price extended recent upmove to a 2-month high of 108.28 in Europe, then later 108.75 in NY.

. On the bigger picture, despite dlr erratic decline fm 118.66 (Dec 2016) to 107.32 in 2017 (Sep) confirms the early uptrend fm 2016 29-month bottom at 99. 00 has formed a top there n subsequent break of this key sup to 105.55 in Feb, then to a 16-month trough of 104.57 in Mar, subsequent rally to 107.01, then gain to a 7-week high of 107.86 last Fri confirms recent downtrend has made a low at 104.57, as this lvl was accompanied by 'bullish convergences' on the daily indica tors n price is en route to next chart obj. at 107.90, break would encourage for gain to 108.69 but reckon 109.66 (50% r of 114.74-104.57) would cap upside. On the downside, only below 106.62 signals top made n risks weakness to 105.99. 

. Today, dlr's intra-day break abv 108.75 suggests recent upmove would head to 109.16 after consolidation, however, as hourly oscillators' readings are in o/bot territory, reckon 109.79 should cap upside. Buying dlr on dips is the way to go n only below 108.15/20 signals temp. top is made, risks 107.86/90.