Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 26 Sep 2019 00:13GMT

Trend Daily Chart
Sideways

Daily Indicators
Easing fm o/bot

21 HR EMA
107.60

55 HR EMA
107.54

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
59

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
108.26 - Sep 13 high
108.02 - Last Fri's NY high
107.88 - Y'day's high

Support
107.42 - Wed's Asian high (now sup)
107.26 - Y'day's European low
106.97 - This week's low (Tue)

USD/JPY - 107.70.. Despite resumption of recent decline to a 2-week low of 106.97 Tue, dlr met buying interest in Asia at 107.01 n ratcheted higher to 107.42, then later to session highs of 107.88 in NY on usd's strength.

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, subsequent flash crash to a 9-month low at 104.79 in early Jan suggests correction is over. Despite dlr's corrective rise to a 4-month high at 112.39 in Apr, dlr's break of said 2019 low to a 33-month trough of 104.46 in late Aug would pressure price twd 103.71 but 102.72 would hold this month. Having said that, subsequent cross-inspired strg rise to 108.47 last week confirms temporary low is made, rec kon 109.31 (Aug top) should hold. Below 106.73 signals top, risks 105.75.

Today, dlr's decline fm 108.47 to 106.97 (Tue) confirms recent upmove fm 104.46 (Aug) has made a top, however, y'day's rally to 107.88 signals 1st leg of correction over n range trading with upside bias is seen, a daily close abv 108. 02 suggests correction over, 108.26, then 108.47. Below 107.26 risks 106.97.

Author

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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