Daily Technical & Trading Outlook USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 09 Dec 2016 00:10GMT

Trend Daily Chart
Up

Daily Indicators
Easing fm o/bot

21 HR EMA
113.94

55 HR EMA
113.89

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
55

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
115.15 - 61.8% proj. of 107.77-113.90 fm 111.36
114.83 - Last Thur's 9-month peak
114.40 - Wed's high

Support
113.70 - Thur's European morning high (now sup)
113.14 - Y'day's low
112.88 - Mon's low

. USD/JPY - 114.05.. Dlr swung wildly in hectic Thur's session. Despite initial weakness to 113.14 in Asia, renewed yen-selling lifted price n the pair rose to 114.37 on intra-day selloff in eur/usd in NY n later moved sideways.

. Looking at the daily chart, dlr's early rally abv previous daily res 107. 49 to a 9-month peak of 114.83 last Thur confirms downtrend fm 2015 near 13-year peak at 125.86 has ended at 99.00 (Jun) n although rising daily technical indica tors signal price is en route twd 115.60 (61.8% r of 125.86-99.00), Mon's brief drop to 112.88 suggests a temporary top has been made. However, as dlr has risen again, indicating pullback is possibly over n abv 114.83 would extend said rise twd 115.60. Only a daily close below 102.88 would risk stronger retracement to 111.47, this is a 'minimum' 38.2% r of intermediate rise fm 106.03-114.83 n just abv said last week's low at 111.36 b4 prospect of another leg of upmove.

. Today, dlr's strg bounce fm 113.14 lends credence to our previous view the volatile trading fm 114.83 is developing into a 'triangle', as long as 114. 78 (b-leg top) holds, another strg retreat to 113.30/40 is likely b4 rebound n only below 112.88 (a-leg trough) aborts, risks correction to 120.40/50, 120.16.

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

1. R3 115.79
2. R2 115.08
3. R1 114.53
PP 113.83
1. S1 113.28
2. S2 112.57
3. S3 112.02

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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