Daily Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 26 Nov 2019 00:22GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
108.90

55 HR EMA
108.78

Trend Hourly Chart
Nr term up

Hourly Indicators
Overbought

13 HR RSI
70

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
109.48 - Nov 07 high
109.29 - Last week's high (Tue)
109.06 - Last week's high (Mon)

Support
108.48 - Last Fri's low
108.25 - Nov 14 low
107.90 - Nov's low (1st)

USD/JPY - 109.03.. Dlr edged higher in Asia to 108.79 on Mon n price rose to 108.89 in Europe on upbeat U.S.-China trade news. The pair hit 108.95 b4 a pullback but only to climb to session highs of 108.97 in NY afternoon.

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 in Nov 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, although dlr's intra-day break of y'day's high at 108.97 suggests pullback fm last Mon's high at 109.06 has ended at 108.29 last Thur n marginal gain is likely, as hourly oscillators would be in o/bot territory, reckon 109.29 would remain intact, yield retreat. Below 108.46/48 would yield 108.25/29.

Interested in USD/JPY technicals? Check out the key levels

1. R3 109.43
2. R2 109.2
3. R1 109.08
PP 108.86
1. S1 108.73
2. S2 108.51
3. S3 108.38

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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