Daily USD/JPY technical outlook
Last Update At 23 Mar 2022 00:12GMT.
Trend daily chart
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Daily Indicators
Overbought
21 HR EMA
120.68
55 HR EMA
120.06
Trend hourly chart
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Hourly Indicators
Overbought
13 HR RSI
74
14 HR DMI
+ve
Daily analysis
Resumption of uptrend.
Resistance
122.31 - 100% proj. of 119.11-121.03 fm 120.39.
122.03 - 2015 high (Mar).
121.70 - 2016 high (Jan).
Support
120.39 - Tue's NY low.
120.07 - Tue's Asian morning high.
119.83 - Hourly sup.
USD/JPY - 121.25.. The pair continued its recent strong ascent on Tue, price caught a bid at 119.45 (AUS) n rose in tandem with US yields to 120.07 in Asia n then rallied to a fresh 6-year peak of 121.03 (Europe) b4 retreating to 120.39.
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. Despite falling to a 3-1/2 year 101.19 bottom 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, then break of 2020 top at 112.22 to a fresh 5-year peak of 116.34 in Dec signals LT rise fm 2020 3-1/2 year 101.19 low is en route to 2016 high of 121.70, o/bot condition should cap price below 122.03 this week. On the downside, below 119.39 signals temp. top n risks stronger retracement twd 118.37.
Today, DLR's intra-day rally abv Tue's 121.03 to 121.40 ahead of Tokyo open suggests re-test of 2016 high at 121.70 would be seen after consolidation, however, as hourly oscillators' readings are in o/bot territory, reckon 122.03 would cap upside. Only below 120.29/39 risks 120.00/05 b4 prospect of rebound.
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