Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 17 Oct 2019 00:51GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
108.71

55 HR EMA
108.60

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
50

14 HR DMI
-ve

Daily Analysis
Resumption of recent upmove

Resistance
109.31 - Aug high (01)
109.02 - 61.8% proj. of 107.03-108.62 fm 108.04
108.89 - Tue's 2-1/2 month high

Support
108.57 - Y'day's low
108.45 - Mon's NY high (now sup)
108.04 - Mon's low

USD/JPY - 108.67.. Despite initial retreat to 108.61 in Asia y'day on U.S.- China trade concern, price rebounded to 108.80 at NY open n then fell to 108.57 on weak US retail sales. The pair then recovered to 108.84 b4 weakening.

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, then Aug's 33-month bottom at 104.46 suggests correction is over. Having said that, dlr's cross- inspired strg rise to 108.47 in mid-Sep confirms temporary low is made, last week's break of 108.47 suggests said rise fm 2019 low at 106.46 would head twd 109.31 but a weekly close abv there would turn outlook bullish for further headway twd 112.39 in Dec. Only below 106.49 signals top yields 105.75, 104.46.

Today, y'day's sideways swings following rally fm 108.16 to 108.89 suggests range trading would be seen b4 MT rise fm 2019 bottom at 104.46 resumes n extend twd 109.02, 'bearish divergences' on hourly indicators may cap price be- low 109.31. Only below 108.45 indicates temporary top made, risks 108.16, 108.04

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.