Daily Technical Outlook on Major - USD/JPY

   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 10 Aug 2018 00:45GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
111.03

55 HR EMA
111.07

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
43

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
111.88 - Last Fri's high
111.47 - Tue's high
111.19 - Y'day's high

Support
110.71 - Y'day's low
110.59 - Jul 26 low
110.28 - Jul's low (4th)

. USD/JPY - 110.94.. The pair continued to swing relatively wildly on Thur. Price fell initially to a near 2-week low of 111.71 in Asia but then quikcly clim bed to session highs of 111.19 in Europe but only to fall to 110.86 in NY.

. 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 Jul's 6-month peak signals recent decline has ended as this level was accom- panied by 'bullish convergences' on daily indicators. However, dlr's subsequent selloff to 110.59 strongly suggests a long-awaited correction of said upmove has occured n weakness to 109.88 (min. 38.2% r) is envisaged after consolidation, below there is needed to extend to 109.20/37 area later. Only a daily close abv 112.15 would risk gain to 112.80, break would yield re-test of 113.17, 113.75.

. Today, despite dlr's resumption of 'erratic' fall fm last week's 112.15 high to 111.71, subsequent bounce to 111.19 suggests price is not ready to re- test key daily sup at 110.59 n broad-based usd's strength may lifted dlr back to 111.47/53 area b4 prospect of another fall next week. Below 110.59, 110.28.