Daily Technical Outlook on Major - USD/JPY

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
111.86

55 HR EMA
111.88

Trend Hourly Chart
Sideways

Hourly Indicators
Sideways

13 HR RSI
44

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
112.96 - 100% proj. of 109.71-111.82 fm 110.85
112.67 - Dec 19 2018 high
112.17 - Last Wed's near 4-month high

Support
111.66 - Y'day's low
111.58 - Apr 09 high (now sup)
111.28 - Apr10 high (now sup)

• USD/JPY - 111.84.. Although dlr dropped to 111.66 at Asian open on broad- based buying in jpy y'day, price quickly erased intra-day losses n later rallied to session highs at 112.03 in NY morning on usd's strength b4 retreating.

• 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 a strg rise fm 2018 16-month bottom at 104.57 to 114.55 in Oct, subsequent flash crash to a 9-month low at 104.79 in early Jan suggests correction over. However, dlr's erratic rise to a 4-month high at 112.17 in mid-Apr indicates choppy tra- ding abv 104.57 would continue n said move fm 104.79 would head to 113.38 (50% proj. of 104.79-112.14 projected fm 109.71), 'bearish divergences' on the daily indicators should cap price at 114.25 (61.8% projection). On the downside, only below 110.85 dampens bullishness n risks stronger retracement twd 109.71.

• Today, y'day's rebound to 112.03 n then subsequent retreat to 111.76 suggests further choppy trading below 112.17 would continue b4 resumpotion of recent upmove to 112.40, 'bearish divergences' on hourly indicators on such move would cap price below 112.67. Only below 111.66 may risk 111.28 b4 rebound.