Daily technical outlook on major – USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
109.03

55 HR EMA
108.66

Trend Hourly Chart
Up

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Resumption of recent upmove

Resistance
110.09 - Mar 24 low (now res)
109.71 - Mar 21 high
109.37 - Mon's high

Support
108.72 - Last week's high (Tue, now sup)
108.19 - Last Fri's NY low
107.81 -Last Wed's low

USD/JPY - 109.13... Dlr moved narrowly in NZ on Mon n then climbed ahead of Asian open on news media report Japan PM Abe to declare state of emergency as early as Tue, price rose fm 108.34 to 109.37 (Europe) b4 moving sideways in NY.

Looking at the bigger picture, dlr's 'erratic' fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms the early uptrend fm 2016 29-month bottom at 99.00 has made a top there. Although price ratcheted higher to a 9-1/2 month top of 112.22 in Feb, dlr then tumbled in tandem with U.S. stocks n yields to a 3-1/2 year trough of 101.19 in early Mar on risk-off trades due to coronavirus pandemic. Having said that, dlr's rally to 111.71 due to broad-based usd's strength on funding demand signals low has been seen n a weekly close abv 111.71 would encourage for re-test of 112.22, then 113.24 n later twd 114.55. On the downside, only weekly close below 106.45 (50% r fm 101.19) risks 105.15/25.

Today, despite resumption of decline fm 111.71 (Mar top) to 106.93 last week, y'day's gain to to 109.37 on renewed usd's strength suggests pullback fm 101.71 has ended, abv 109.71 would encourage for gain twd 110.09. Trading dlr fm long side is favoured n only below 108.67/72 risks retracement to 108.15/20.

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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