Weekly USD/JPY technical outlook
Last Update At 30 May 2022 00:03GMT.
Trend daily chart
Sideways
Daily Indicators
Turning down
21 HR EMA
127.10
55 HR EMA
127.11
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
62
14 HR DMI
+ve
Daily analysis
Choppy consolidation to continue
Resistance
128.08 - Last week's high (Tue)
127.58 - Last Thur's high
127.42 - Last Thur's NY high
Support
126.56 - Last Thur's low
126.37 - Last Tue's 1-month low
126.01 - Apr 14 high (now sup)
USD/JPY - 127.31.. Despite extending recent erratic fall fm May's 20-year peak of 131.34 to a 1-month bottom of 126.37 last Tue in tandem with U.S. yields , rebound in U.S. stocks boosted risk sentiment n lifted price to 127.58 Thur.
On the bigger picture, DLR's spectacular rally fm 2011 historic low at 75. 32 (Mar) due to co-ordinated ccy intervention by G7 central banks to weaken the yen in the aftermath of Japan's earthquake and tsunami of Mar 2011 to as high as 125.86 (2015) confirms major low has been made. Although teh pair fell back to 99 .00 in mid-2016 n swung broadly sideways until 2021, price rallied in tandem with U.S. yields n U.S. stocks on risk sentiment to a 20-year peak of 131.34 in May 20 22 confirms LT uptrend has resumed. Having said that, strg retreat in tandem with U.S. yields to 126.37 signals temp. top is made, as long as 125.10 holds, upside bias remains, abv 129.77, 131.34. Below 125.10 would risk 124.52, then 122.70.
Today, current price action suggests choppy swings fm Tue's 1-month 126 .37 low may be unfolding into a triangle pattern n as long as 127.58 holds, fall fm May's 131.34 peak may head twd 126.01, 'bullish convergences' on hourly indicators should keep dlr abv 125.53. Abv 127.58 would head back twd 128.08 later.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.