Weekly Technical Outlook on Major - USD/JPY

AceTrader Team AceTrader

WEEKLY USD/JPY TECHNICAL OUTLOOK
Last Update At 11 Feb 2019 00:06GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
109.78

55 HR EMA
109.79

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
55

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more rise

Resistance
110.82 - 61.8% r of 114.55-104.79
110.48 - Dec 31 high
110.16 - Mon's 1-month high

Support
109.56 - Wed's low
109.43 - Mon's low (NZ)
109.13 - Last Tue's low

USD/JPY - 109.83.. Despite extending recent upmove fm Jan's 104.79 trough to a 1-month high of 110.16 initially last Mon, profit taking knocked price to 109.56 (Wed) b4 rebounding to 110.09 Thur n then moved sideways on Fri.
On the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 107.32 in 2017 (Sep) confirms uptrend fm 2016 29-month bottom at 99.00 has made a top. Despite staging a strg rise fm 2018 16-month bottom at to 104.57 to as high as 114.55 in Oct, dlr's fall to 109.57 on last trading day in 2018, then flash crash to a 9- month low at 104.79 early Jan on stop selling confirms correction fm 104.57 has ended. Having said that, subsequent strg rebound suggests choppy trading abv 104. 57 would continue but abv 110.75 needed to bring stronger retracement to 111.40. Below 104.57 needed to revive bearishness for said fall fm 118.66 to head to next chart obj. at 102.55 (probably due to risk-off event).
Today, dlr's sideways swings in lackluster Fri's seeion suggests further choppy trading below last Mon's 110.16 high would continue, however, as long as 109.56 (Wed's reaction low) holds, upside bias remains for resumption of upmove twd 110.48 obj. Only below 109.56 risks stronger retrace. to 109.43, then 109.13.

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.