Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 14 Nov 2019 01:57GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
108.85

55 HR EMA
108.95

Trend Hourly Chart
Down

Hourly Indicators
Turning up

13 HR RSI
41

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
109.48 - Last Thur's 5-month high
109.29 - This week's high (Tue)
109.14 - Y'day's high

Support
108.66 - Y'day's low
108.32 - Nov 01 high (now sup)
107.90 - Nov low (1st)

USD/JPY - 108.78.. Dlr fell initially below Mon's 108.90 low to 108.88 at Asian open on Wed, despite rebounding to 109.14 in Europe, price tumbled on falling US yields n hit session lows of 108.66 in NY on US-China trade concern.

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, then Aug's 33-month bottom at 104.46 suggests correction is over. Having said that, dlr's cross- inspired strg rise to 109.28 near end of Oct confirms temporary low is made. Dlr's break of said res to 109.48 last week suggests upmove has resumed n would head twd next obj. at 109.93, 'bearish divergences' on daily indicators would cap price at 110.67. Only below 107.90 signals temporary top, risks 106.49.

Today, dlr's decline fm last Thur's 5-month peak at 109.48 suggests recent upmove has made a temp. top n y'day's re-test of 108.66 sup would bring stronger retrace. twd 108.32, however, daily sup at 107.90 should remain intact. Only abv 109.14 would indicate pullback is over, 109.29.

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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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