Daily Technical and Trade Outlook – USD/JPY

USD/JPY Daily Technical Outlook

Last updated at 04 Feb 2022 00:39GMT.

Daily trend chart

Next to

Daily indicators

Neutral

21 HR EMA

114.82

55 HR EMA

114.75

Trend hourly chart

Short term

Time indicators

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13 HR RSI

73

IMD 2 p.m.

+ve

Daily analysis

Restless consolidation to continue.

Resistance

115.68 - 2.5 week high from last Friday.
115.59 - My maximum.
115.19 - Tuesday high.

Support

114.58 - Tuesday low.
114.17 - Low Wednesday.
113.79 - Last Wednesday's low.

USD/JPY - 115.00. Although the price moved close in Asia yesterday after the early fall FM 115.68 (Fri) to 114.17 on Wednesday, the DLR caught a bid at 114.34 n rose steadily on the Yen sell-off at base wide at 114.97 b4 moved laterally to New York.

Overall, DLR FM's drop from 118.66 (Dec 2016) to 2019 low at 104.46 (Sept) confirms the early uptrend from FM 2016's 29-month low at 99.00 hit a peak there. Although it hit 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 that is complete. . Despite DLR falling erratically to 102.60 (January 2021), subsequent rise to 116.65 in early July, then breaking 2020 high at 112.22 to reach new 5-year high of 116.34 in December signals a rise in LT FM 2020 3½ years 101.19 low is on its way to 116.73. Despite a strong early retreat from 116.34 to 113.48 last week, the following rally to 115.68 (Friday) wud re-test 116.34, 117.78. Anything below 113.48 risks 112.54.

Today, despite falling from 115.68 to 114.17, DLR's rally to 114.97 yesterday suggests that choppy trading after January's one-month low at 113.48 would continue with a bullish bias, from 115.19 needed to drop back to 115.68, o/bot readings on hourly oscillators would cap DLR below 116.34. Only below 114.58 risks 114.17, 113.79.