USD/JPY - 107.50... Although the pair continued upmove fm Jun's 106.08 low initially last week n climbed to a 3-week high of 108.16 (Wed) due to rise in U.S. stocks n yields, price later retreated to 107.34 Thur on profit taking.

On the bigger picture, dlr's erratic fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms early uptrend fm 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar on risk- off trades due to coronavirus pandemic, dlr's rally to 111.71 due to broad-based usd's strength signals low has been seen. Although price has staged a strong rebound after retreating to a 7-week low at 105.99 in May, dlr's fall to 106.08 (Jun) suggests recovery has ended at 109.84 n weakness to 105.99 would be seen, break would head twd 105.15, below, 104.51. On the upside, only a daily close abv 108.54 would indicate pullback has ended, 109.84 later.

Today, dlr's fall fm 108.16 (Wed) to 107.34 signals rise fm 106.08 has made a temp. top, subsequent bounce to 107.72 would bring choppy trading, abv 107.88 would bring re-test of 108.16, bearish divergences' on hourly oscillators should keep price below 108.40. Below 107.34 would risk 107.05, 106.81/85.

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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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