Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 17 May 2019 00:24GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
109.76

55 HR EMA
109.66

Trend Hourly Chart
Up

Hourly Indicators
Easing fm o/bot

13 HR RSI
66

14 HR DMI
+ve

Daily Analysis
Marginal gain b4 retreat

Resistance
110.97 - May 06 high
110.28 - Last Mon's low (now res)
110.05 - Last Fri's high

Support
109.34 - Y'day's low
109.02 - Mon's fresh 3-month low
108.84 - 100% proj. of 112.39-110.28 fm 110.95

USD/JPY - 109.83.. Dlr traded sideways in subdued Asian morning b4 climbing in Europe due to renewd usd's strength, price later hit sessions highs of 109.97 in NY after upbeat U.S. data n rebound in U.S. Treasury yields.
Looking at 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, subse- quent flash crash to a 9-month low at 104.79 in early Jan suggests correction is over. However, dlr's erratic rise to a 4-month high at 112.39 in Apr indicates choppy trading abv 104.57 would continue n said move fm 104.79 may head twd 113. .38 (50% proj. of 104.79-112.14 projected fm 109.71). Having said that, dlr's dec line to a 3-month low at 109.02 Mon on U.S.-China trade tensions indicates temp. top is made n would head to 108.50 but 107.69 (61.8% r) should hold in May.
Today, despite dlr's anticipated rise fm 109.02 (Mon) to 109.97, as this move is seen as retarcement of recent decline, reckon prev. res at 110.05 would cap intra-day gain due to minor 'bearish divergences' on hourly indicators. Below 109.34 would re-test 109.02, then 108.50 next week. Abv 110.28, 110.65/70

Interested in USDJPY technicals? Check out the key levels

1. R3 110.74
2. R2 110.35
3. R1 110.1
PP 109.72
1. S1 109.46
2. S2 109.08
3. S3 108.83

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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