Daily Technical Outlook on Major -USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 02 May 2018 00:26GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
109.68

55 HR EMA
109.48

Trend Hourly Chart
Up

Hourly Indicators
Easing fm o/bot

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
110.48 - Feb's high (2nd)
110.24 - 61.8% r of 113.75-104.57
109.92 - Intra-day's 11-week high

Support
109.52 - Y'day's NY low
109.09 - Mon's low
108.96 - Last Fri's low

. USD/JPY - 109.75.. Dlr moved narrowly in holiday-thinned Asian morning on Tue b4 climbing steadily in Europe due to renewed usd's strength. Intra-day gain accelerated in NY to 109.88 on usd's strength n then 109.92 in Aust. today.

. 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 to a 11-week high of 109.92 today confirms recent downtrend has made a low at 104.57, as this level was accompanied by 'bullish convergences' on daily indi- cators n price is en route to next obj. at 110.48 (Feb peak), however, reckon res at 111.48 shud cap upside. On the downside, only a daily close below 108.96 signals top made n risks weakness to 108.55, break, 107.78.

. Today, dlr's retreat fm intra-day 11-week high at 109.92 suggests initial range trading is in store, as long as 109.52/54 holds, further gain twd 110.24 is envisaged, however, as 15-min m hourly oscillators' reading would dis- play 'bearish divergences, reckon 110.48 should hold. Below 109.24, 108.96/00.

Interested in USDJPY technicals? Check out the key levels

1. R3 110.77
2. R2 110.34
3. R1 110.11
PP 109.67
1. S1 109.44
2. S2 109.01
3. S3 108.78

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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