Daily Technical Outlook on Major - USDJPY

  DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 18 Oct 2018 00:11GMT

Trend Daily Chart
Up

Daily Indicators
Turning down

21 HR EMA
112.41

55 HR EMA
112.28

Trend Hourly Chart
Up

Hourly Indicators
Easing fm o/bot

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Marginal gain b4 retreat

Resistance
113.52 - Oct 03 low (now res)
113.09 - 50% r of 114.55-111.63
112.83 - Last Mon's low (now res)

Support
112.02 - Y'day's low
111.93 - Mon's European high (now sup)
111.63 - Mon's 4-week low

• USD/JPY - 112.59 .. Although dlr extended rise fm Mon's 4-week low at 111 .63 to 112.42 at Asian open, price quickly retreated to 112.16 n then 112.02 in NY morning b4 rallying to 112.67 after release of hawkish Fed minutes.

• On the bigger picture 1st, 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. Des- pite weakness to a 16-month low of 104.57 in Mar, subsequent rally to Jul's 6- month peak at 113.17 signals decline has ended. As dlr has risen in Sep, then to a near 11-month peak of 114.55 in early Oct, suggesting MT rise fm 104.57 would head to 114.74 (2017 Nov high) but reckon 115.51 (2017 Mar high) should hold. Hav ing said that, last week's drop to 111.84 selloff on selloff in global stocks to suggests top has been made n weakness to 110.74 (38.2% r fm 104.57) is likely n only abv 113.52/56 (previous sup, now res) signals pullback over, risks 114.55.

• Today, although dlr's gain to 112.67 suggests recent decline has made a temp. low at 111.63 n marginal gain is seen, as hourly indicators' readings would be in o/bot territory on next rise, reckon 113.09 should cap upside. Below 112.35 signals top is made n yield 112.02, break suggests correction is over.

 

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