USD/JPY - 114.92.. The pair caught a bid at Tokyo open y'day n climbed to 114.31, despite a pullback on profit taking to 114.11, price later rallied in NY in tandem with US yields after upbeat US retail sales and hit 114.84 in late NY.

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 and dlr's break of 2020 top at 112.22 to a 3-year peak of 114.69 in Oct signals LT rise fm 2020 3-1/2 year low at 101.19 is en route twd 115.51, 'bearish divergences' on daily indicators would cap price below 118.66. Only below 112.73 risks retracement twd 112.07.

Today, dlr's rally abv Oct's 114.69 top to a fresh 3-year high of 114.84, then intra-day break abv there suggests uptrend has resumed n price is en route to 115.33, however, o/bot readings on hourly indicators should cap dlr below 115. 51 n yield retreat. Only below 114.30 signals temp. top is made, risks 114.00/10.

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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.

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