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.

GBP/USD declines toward 1.3500 as markets turn risk-averse

GBP/USD comes under bearish pressure and declines toward 1.3500 on Tuesday. The UK ILO Unemployment Rate held steady at 4.9% in the three months to June, against a forecast of 4.8%, while Employment Change arrived at 83K in the same period versus 147K previous. Weak UK labor data, combined with the risk-averse market atmosphere amid a re-escalation of tensions in the Middle East weigh on the pair.

EUR/USD retreats below 1.1600 on modest USD recovery

EUR/USD struggles to gain traction and trades below 1.1600 in the second half of the day on Tuesday, even after the data from the Eurozone and Germany highlighted improving economic sentiment in August. The US Dollar (USD) benefits from the risk-averse market atmosphere as tensions in Middle East remain high, making it difficult for the pair to turn north.

Gold sticks to losses below $4,400 as USD recovers further from two-month low

Gold remains depressed below the $4,400 mark through the first half of the European session, snapping a two-day winning streak amid a broadly firmer US Dollar. Inflation risks stemming from higher oil prices back the case for at least one interest rate hike by the US Federal Reserve in 2026.

Pi Network holds steady amid app studio costs surge to push user adoption

Pi Network extends a consolidation range capped below $0.0900 holding above the $0.0839 support level. PI token remains under pressure as the Core Team pushes for real user adoption by raising costs for AI-powered app creation, effective from August 24. Leverage-linked risk exposure eases as Open Interest declines despite an increase in social interest.

Fiscal concerns and doubts on Fed independence send US yields to long-term highs

US Treasury yields keep rising across the curve this week, with the yield for the 30-year Treasury bond reaching its highest level since 2007, during the global financial crisis, at 5.33% so far on Monday. A mix of concerns about the ballooning US fiscal deficit and growing doubts about the Federal Reserve’s Independence are increasing pressure on US Government Bonds.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.