Home Correction trading Daily Technical and Business Outlook – USD / JPY

Daily Technical and Business Outlook – USD / JPY

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USD / JPY Daily Technical Outlook

Last updated at 20 October 2021 00:05 GMT.

Daily trend chart

Up

Daily indicators

Overbought

21 RH EMA

114.28

55 RH EMA

114.19

Hourly trend chart

Up

Hourly indicators

Bearish divergences

13 RH RSI

70

14 RH DMI

+ ve

Daily Analysis

Resumption of the uptrend.

Resistance

115.51 – 2017 March high.
115.00 – Psychological grip.
114.74 – 2017 November high.

Support

114.16 – Tuesday low in New York.
113.89 – Mar is low.
113.59 – Asia high from last Thursday (now sup).

USD / JPY – 114.54 .. Although the dlr took some selling pressure on the widespread weakness of the USD in Asia, it fell from 114.35 (Asia) to 113.89 in the European morning, the rebound Marked US yields pushed the price up to 114.33 in the NY morning, then later to 114.39.

Overall, dlr’s drop from 118.66 (December 2016) to 2019 low to 104.46 (September) confirms that the early 2016 uptrend to 99.00 has peaked. Although it hit a 3.5-year low at 101.19 in March 2020 on risky trades due to the COVID-19 pandemic, the dlr rally to 111.71 in the same month signals the end of the correction. Despite the erratic drop in dlr to 102.60 (January 2021), the subsequent rise to 116.65 in early July signals that the pullback is over. The 2020 3.5-year low at 101.19 is on its way to 115.51, overbought readings on the daily indicators would cap the price below 118.66. Only below 113.22 risks 112.07.

Today, the intraday dlr break, the 114.46 3-year peak on the Friday before Tokyo opens, confirms that the recent uptrend has resumed and would head towards 114.74, the “bearish divergences”. On hourly indicators would prevent strg gain of around 115.00 and count 115.51 should cap higher. Only below 114.16 / 20 signals the temp. achievement, 113.89.

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