Weekly USD/JPY technical outlook
Last Update At 19 Sep 202100:05GMT.
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
109.92
55 HR EMA
109.80
Trend hourly chart
Up
Hourly Indicators
Turning down
13 HR RSI
64
14 HR DMI
+ve
Daily analysis
Consolidation with upside bias.
Resistance
110.79 - Aug's high (11th).
110.44 - Sep's high (8th).
110.15 - last week's high (Mon).
Support
109.82 - Last Thur's high (now sup).
109.61 - Last Thur's reaction low (NY).
109.46 - Last Thur's Asian high (now sup).
USD/JPY - 109.99.. The pair went through a 'roller-coaster' week. Despite falling fm 110.15 (Mon) to a 4-week low of 109.12 Wed in tandem with US yields, price later rallied on broad-based usd's strength n climbed back to 110.07 Fri.
On the bigger picture, dlr's 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 2020 on risk-off trades due to COVID-19 pandemic, dlr's rally to 111.71 the same month signals correction over. Despite dlr's erratic fall to 102.60 (Jan 2021), subsequent rise to 116.65 at the start of Jul signals pullback is over n as price has risen from 108.73 in early Aug to 110.79, re-test of 111.65 is envisaged but abv needed to head twd 2020 112.22 peak. Having said that, dlr's drop fm 110.79 in Aug would bring choppy swings, Only below 108.73 risks 108.35, break extends twd 107.49.
Today, dlr's rally to 110.07 (NY) in tandem with US yields suggests pull back fm Sep's 110.44 peak has ended at 109.12 n rising hourly indicators signal upside bias remains for gain to 110.15, break extends twd 110.44, 'bearish diver gences' on hourly indicators would cap dlr at 110.79. Below 109.82 risks 109.46.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.