DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 12 Sep 2018 00:07GMT
Trend Daily Chart
Sideways
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
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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.
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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.
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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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