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.
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