Daily Technical & Trading Outlook USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 30 Sep 2016 00:14GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
101.20

55 HR EMA
101.03

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
102.06 - Last Tue's high
101.84 - Y'day's high
101.35 - Prev. hourly sup (now res)

Support
100.84 - Y'day's NY low
100.45 - Wed's NY low
100.09 - Tue's 1-month low

USD/JPY - 101.20.. Dlr took centre stage in Thur's trading. Price rose ahead of Asian trading on active yen-selling n climbed to 101.75 in Europe, then 101.84 in NY b4 tumbling to 100.84 on active yen-buying over DB concerns.
On the daily chart, dlr's rally fm Jun's 2-1/2 year low at 99.00 to 107.49 (Jul) confirms MT decline fm 2015 near 13-year peak at 125.86 has formed a temp. low there n despite a steep drop back to 99.54 in Aug, subsequent rally to 104.32 at the start of this month suggests the volatile price action fm 99.00 is possibly developing into a 'triangle' (a-leg top at 107.49 n b-leg bottom at 99.4). The rally to Sep's 104.32 high marks the top of c-leg upmove, then erratic fall to 100.10 last Thur is d-leg. Y'day's rally abv 101.24 to 101.84 signals the final e-leg upmove is in progress n wud head twd 102.70 (61.8% r fm 104.32) but reckon res 103.36 would cap upside. Only below 100.45 signals top, 100.09.
Today, as dlr's intra-day cross-inspired selloff fm 101.84 to 100.84 in NY session signals 1st leg of correction fm 100.09 has ended there, consolidation with initial downside bias remains for marginal weakness, reckon 100.45 would hold n bring subsequent rebound. Abv 101.84 would extend twd 102.20.

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.