fxsoriginal   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 14 Aug 2019 00:15GMT

Trend Daily Chart
Down

Daily Indicators
Rising fm o/s

21 HR EMA
106.17

55 HR EMA
105.65

Trend Hourly Chart
Near term up

Hourly Indicators
Easing fm o/bot

13 HR RSI
17

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
107.69 - 61.8% r of 109.31-105.06
107.09 - Last week's high (Tue)
107.97 - Y'day's high

Support
106.30 - Last Thur's high (now sup)
105.79 - 61.8% r of 105.06-106.97
105.58 - Y'day's Asian high (now sup)

USD/JPY - 106.53.. Although dlr remained on the back foot in Tokyo trading on Tue due to weakness in Asian stocks n fell to 105.07 in Europe, price jumped in NY due to upbeat news on Sino-U.S. trade talks to 106.97 b4 easing.

Looking at the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 107.27. 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 104.79 would continue. Having said that, dlr's erratic fall to 106.79 in Jun suggests downside bias remains n Mon's weakness to 105.06 would bring re-test of 104.79, break would head twd 103.71. On the upside, only abv 107.86 risks stronger correction twd 109.31 later this month.

Today, dlr's rally fm 105.07 to as high as 106.97 confirms recent fall has made a low at Mon's fresh 30-month trough at 105.06 n as long as 106.23/30 area holds, stronger retracement to 107.15/20 is likely, however, o/bot readings on hourly indicators should cap price at 107.86. Only below 106.00 risks 105.57.

USDJPY

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD drops below 1.11 amid upbeat US data, trade concerns

EUR/USD is trading below 1.11 after robust US housing figures and solid consumer sentiment figures were published. Earlier, the common currency suffered from the concerns of new US tariffs on the EU.

EUR/USD News

GBP/USD down 100 pips after UK retail sales badly disappoint, amid USD strength

GBP/USD has plunged below 1.3050 after UK retail sales badly disappointed with a fall of 0.6% in December, on top of downward revisions. Odds of a BOE cut have risen.

GBP/USD News

Crypto market hyperspace mode On

The secondary actors of the crypto-sphere awaken and rally hard. Leading coins battle with greater resistance at the gates of a full bullish market. The only risk is an over-shoot, but that sentiment remains neutral.

Read more

Gold looks to close week flat below $1560

The XAU/USD pair climbed to a fresh daily high of $1560 in the early trading hours of the American session but struggled to preserve its momentum.

Gold News

USD/JPY: Losing bullish momentum but retaining gains

Chinese encouraging data kept markets in risk-on mode at the beginning of the day. The US January Michigan Consumer Sentiment Index is seen at 99.3, matching December figure. USD/JPY holding at the upper end of its weekly range could correct lower.

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures