Daily Technical Outlook on Major - USDJPY

Daily Indicators
Neutral

21 HR EMA
111.51

55 HR EMA
111.34

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Resumption of recent rise

Resistance
112.15 - Aug's high (1st)
111.83 - Aug 29 high
111.64 - Y'day's high

Support
111.25 - Last Fri's high (now sup)
111.07 - Y'day's low (AUS)
110.75 - Reaction low fm 111.25

• USD/JPY - 111.57.. Despite swinging sideways on Mon, dlr met renewed buy- ing at Tokyo open n climbed fm 111.07 (AUS) to 111.48, then 111.57 in Europe b4 retreating to 111.29. Price later rose to 111.64 on dlr's broad-based strength.

• On the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 107.32 in 2017 (Sep) confirms uptrend fm 2016 29-month bottom at 99.00 has made a top. Despite weakness to a 16-month low of 104.57 in Mar, subsequent rally to Jul's 6-month peak at 113.17 signals recent decline has ended as this level was accompanied by 'bullish convergences' on daily indicators. However, dlr's erratic fall to a 7- week low of 109.78 in mid-Aug confirms temporary top is made. Having said that, dlr's rally to 111.83 suggests pullback is over n despite subsequent wild swings, as long as last Fri's 110.38 low holds, upside bias remains, abv 111.83 would encourage for gain to 112.15, then re-test of 113.17. Below 109.78 risks 109.20.

• Today, dlr's rise fm 111.29 to 111.64 on renewed yen selling suggests price is en route twd Aug's 112.15 peak after consolidation, however, as hourly oscillators reading would be in o/bot territory on such move, reckon 112.40/50 would remain intact. On the upside, only below 111.29 risks 111.07, then 110.75.

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