Daily Technical Outlook on Major -USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 14 Jun 2018 00:22GMT

Trend Daily Chart
Up

Daily Indicators
Neutral

21 HR EMA
110.37

55 HR EMA
110.30

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
35

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
111.40 - May's 4-month high (21st)
111.07 - May 22 NY high
110.85 - Y'day's 3-week high

Support
110.09 - Intra-day low (AUS)
109.85 -Mon's NY low
109.20 - Last week's low (Fri)

. USD/JPY - 110.16.. Dlr continued this week's winning streak n climbed to 110.72 in Europe, despite retreat to 110.35, price spiked to a fresh 3-week top of 110.85 after expected Fed's rate hike b4 falling to 110.27 on profit taking.

. On the bigger picture 1st, dlr's erratic fall fm 118.66 (Dec 2016) to 107 .32 in 2017 (Sep) confirms the early uptrend fm 2016 29-month bottom at 99.00 has made a top there. Despite weakness to a 16-month trough of 104.57 in Mar, subse- quent rally to 110.04 at the start of May, then 111.40 signals recent decline has made a low there, as this level was accompanied by 'bullish convergences' on the daily indicators. Having said that, dlr's cross-inspired selloff to 108.12 in late May suggests correction of said upmove fm 104.57 has occured n would head to 107.98 (50% r), reckon 107.18 would contain weakness n bring rebound. On the upside, only abv 110.85 signals pullback over n risks 111.30/40.

. Today, dlr's strg retreat fm 110.85 confirms recent upmove fm 108.12 has made a temp. top there as this lvl was accompanied by 'bearish divergences' on hourly indicators n downside bias remains for weakness to 109.81 (38% r) but rec kon 109.60 would remain intact. Only abv 110.85 risks 111.02/07 b4 correction.

Interested in USDJPY technicals? Check out the key levels

1. R3 111.31
2. R2 111.08
3. R1 110.71
PP 110.49
1. S1 110.12
2. S2 109.89
3. S3 109.52

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.