Daily Technical Outlook on Major - USD/JPY

  DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 13 Jul 2018 00:17GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
112.41

55 HR EMA
111.98

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
73

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
113.65 - 80.9 proj. of 104.57-111.40 fm 108.12
113.28 - 61.8% r of 118.66-144.57
112.79 - Jan 10 high

Support
112.17 - Wed's high (now sup)
112.92 - Y'day's low (AUS)
111.40 - May's high (now sup)

• USD/JPY - 112.65.. Dlr continued its recent winning streak n gained for 7 consecutive days. Price met renewed buying at 112.92 in Australia n climbed steadily to a fresh 6-month peak of 112.63 at London midday.

• On the bigger picture, dlr's erratic fall fm 118.66 (Dec 2016) to 107.32 in 2017 (Sep) confirms uptrend fm 2016 29-month bottom at 99.00 has formed a top there. Despite weakness to a 16-month trough of 104.57 in Mar, subsequent rally to 111.40 in May signals recent decline has ended as this level was accompanied by 'bullish convergences' on daily indicators. Dlr' rally abv May's 111.40 high to a 6-month peak of 112.63 on Thur confirms upmove fm 104.57 has resumed n price is en route twd 113.75 (Dec 2017 high) but reckon 114.74 res should cap upside. On the downside, only a daily close below 110.77 signals temporary top is made n risks stronger retracement to 110.28/32, then twd 109.39.

• Today, as current price is trading abv the 21-hr n 55-hr emas, suggesting daily upside bias remains for further gain to 113.00, however, 'bearish diver gences' on hourly indicators would limit upside to 113.28. On the downside, below 112.17 signals temp. top is made n risks 111.92, break, 111.40/50 later.