Daily Technical Outlook & Trading USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 25 Oct 2016 00:09GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
103.13

55 HR EMA
102.99

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
65

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
105.16 - 70.7% r of 107.49-99.54
104.64 - Last Thur's 2-month high
104.38 - Intra-day high (AUS)

Support
103.72 - Y'day's low
103.34 - Last Thur's low
103.17 - Last Tue's low

USD/JPY - 104.32.. Dlr moved sideways initially in Asia on Mon n despite a brief dip to 103.72 at European open, price rose in NY morning after upbeat US data, dlr later climbed to session high of 104.32, then 104.38 in Asia today.
On the bigger picture, despite dollar's resumption of downtrend fm 2015 near 13-year peak of 125.86 to a 2-1/2 year low at to 99.00 in Jun, subsequent broad sideways move inside a 4-month long broad range of 99.00-107.49 suggests choppy swings inside this range would continue. Having said that, dlr's rally to 104.64 in mid-Oct suggests consolidation with upside bias remains due to expect- ed broad-based usd's strength n gain to 105.16, then twd 105.97 (being 70.7% r n 80.9% r respect. of 107.49-99.54) would be seen, current rising daily indicators add credence to this view but abv 107.49 needed to retain bullishness for furth- er gain to 108/109 in Nov. A daily close below 102.81 would risk 101.40/50.
Today, dlr's anticipated gain to 104.20 on Mon has retained our weekly bullish stance n buying the pair again on dips for further gain twd 105.11/16 is seen after consolidation, however, as hourly indicators would display 'bearish divergences' reckon 105.16 would hold. Only below 103.72 risks 103.52, 103.34.

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

1. R3 104.23
2. R2 104.13
3. R1 104.01
PP 103.91
1. S1 103.80
2. S2 103.70
3. S3 103.58

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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