Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 20 Aug 2019 00:04GMT

Trend Daily Chart
Down

Daily Indicators
Rising fm o/s

21 HR EMA
106.53

55 HR EMA
106.39

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
107.09 - Aug 06 high
106.97 - Last week's high (Tue
106.78 - Last Thur's high

Support
106.21 - Last Fri's NY low
105.66 - Last Wed's low
105.06 - Last Mon's fresh 7-month low

. USD/JPY - 106.55..Although dlr met buying interest Mon at 106.25 in Asia n rose to session highs of 106.69 ahead of NY open, price retreated on cross buying in yen to 106.46 but only to climb back to 106.66 as usd regained traction in NY.

. 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 last 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, although dlr's decline fm 106.97 last Tue to 105.66 (Wed) signals correction fm 105.06 has possibly ended, Thur's rally to 106.78, then daily wild swings suggest choppy trading inside 106.97-105.66 would continue. Below 106.00 would head back twd 105.66 n only abv 106.97 risks 107.09, break, 107.57.

Interested in USDJPY technicals? Check out the key levels

1. R3 107.25
2. R2 106.98
3. R1 106.8
PP 106.52
1. S1 106.35
2. S2 106.07
3. S3 105.9

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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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