Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 10 Oct 2019 23:50GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
107.70

55 HR EMA
107.51

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
59

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
108.97 - 61.8% p[roj. of 104.46-108.47 fm 106.49
108.47 - Sep 6-week high
108.17 - Sep 27 high

Support
107.76 - Y'day's Asian high (now sup)
107.36 - Y'day's European low
107.04 - Y'day's low

USD/JPY - 107.88.. Despite initial brief but sharp fall to 107.04 in Aust. Thur on report of no progress in low-level US/China trade talks, dlr erased loss n rallied on reports of positive trade talk news, price hit 108.01 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. 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 in mid-Sep confirms temporary low is made, however, last week's fall to 106.49 may head back twd 105.75 b4 rebound.

Today, dlr's rise fm 107.04 to 108.01 suggests correction fm 108.47 has ended last week at 106.49 n as current price is trading abv the 21-hr n 55-hr emas, bullishness remains for a re-test of 108.47 but break there needed to ex- tend upmove fm 104.46 twd 108.97 next week. Only below 107.36 risks 107.04.

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.