Daily Technical Outlook on Major - USD/JPY

   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.