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USD/JPY Daily Technical Outlook

Last updated at March 09, 2022 00:27GMT.

Daily trend chart

Next to

Daily indicators

Neutral

21 HR EMA

115.6

55 HR EMA

1115.45

Trend hourly chart

At the top

Time indicators

Rising

13 HR RSI

68

IMD 2 p.m.

+ve

Daily analysis

Consolidation with a bullish bias.

Resistance

116.33 – February high (10).

116.17 – February 11 peak.

115.87 – Intraday high.

Support

115.43 – Tuesday’s NY low.

115.06 – Asian top from Mon (now sup).

114.66 – Last week’s low (Friday).

USD/JPY – 115.84. The pair caught a fresh bid at 115.28 (AUS) on Tuesday climbed steadily in tandem with US yields at 115.79 at the New York open on the b4 cross-sell falling to 115.43 on holds profit, but the price quickly rebounded.

Overall dlr fall from 118.66 (Dec 2016) fm to 2019 low at 104.46 (Sept) confirms early uptrend fm 2016 29-month low at 99.00 peaked . Although it fell to a 3.5 year low at 101.19 in March 2020 on risky trades due to the COVID-19 pandemic, dlr’s rally to 111.71 in the same month signals a correction finished. Despite dlr’s erratic fall to 102.60 (January 2021), subsequent rise to 116.65 in early July, then breakout of 2020 high at 112.22 to reach a new 5-year high of 116.34 December signals LT fm 2020 3.5 year rise 101.19 low en route to 116. 73. Despite gaining to 116.33 in mid-February, failure to penetrate 116.34 in the subsequent drop to 114.42 (February) would take trading range below 114.17 to 113.48.

Today’s intraday dlr break of last week’s high of 115.80 at Tokyo open suggests that the erratic rise from 114.42 has resumed although a gain towards 116.17 is envisaged, the o/bot readings on the hourly oscillators could cap the price below the February n peak of 116.33. It is only below 115.43 that the top n signals risk 115.05/10 later.