Daily Technical & Trading Outlook USD/JPY

AceTrader Team AceTrader

DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 11 Jan 2017 01:07GMT

Trend Daily Chart
Up

Daily Indicators
Turning down

21 HR EMA
115.85

55 HR EMA
116.12

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
50

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
117.18 - Last Fri's high
116.75 - Hourly res
116.34 - Y'day's high

Support
115.07 - Last Fri's 3-week low
114.74 - Dec 13 low
114.30 - Dec 09 low

USD/JPY - 115.85.. Dlr went through a 'roller-coaster' session y'day. Price briefly penetrated Mon's 115.97 to 115.66 in Aust. n recovered to 116.21 but only to tumble to 115.20 in Asia b4 rising back to 116.34 in NY b4 down.
Looking at the daily chart, dlr's early rally abv previous 107.49 res (Jul high) to a 10-1/2 month top of 118.66 in mid-Dec confirms the downtrend fm 2015 near 13-year peak at 125.86 has ended at 99.00 (Jun). However, subsequent fall to 115.07 last Fri confirms temp. top is formed n choppy sideways swings are in store. As long as 117.97 holds (80.9% r of 118.66-115.07), downside bias remains n below 115.07 would bring stronger retracement to 114.80 n possibly twd 113.61, being 38.2% r n 50% r respectively of intermediate rise fm 108.56-118.66 . Abv 117.97 suggests correction over, then dlr would head twd 120.10, this is 2016 top (Jan), however, 'bearish divergences' on daily technical indicators should prevent further strg gain n a much-needed correction would occur in Feb.
Today, dlr's decline fm Mon's 117.53 high to 115.20 y'day suggests correction fm last Fri's 115307 low has ended n below this sup would extend recent fall fm 118.66 to 114.74/77, however, reckon 114.35/50 would hold.

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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