DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 18 Jul 2014 00:14GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
101.35
55 HR EMA
101.48
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
44
14 HR DMI
-ve
Daily Analysis
Possible resumption of recent fall
Resistance
102.27 - Jun 18 high
101.79 - Wed's high
101.44 - Wed's low
Support
101.07 - Last Thur's low
100.76 - 2014 low (Feb 04)
100.00 - Psychological
. USD/JPY - 101.21... Despite extending early upmove fm last Thur's 6-week low of 101.07 to 101.79 on Wed, dlr came under pressure at Asian open due to broad-based buying of yen. News of downing of a Malaysian aircraft in Ukriane knocked the greenback to 101.17 in NY afternoon, the to 101.09 in Australia.
. On the daily picture, as dlr has fallen again after staging a strg rebound fm last Thur's 6-week low of 101.07 to 101.79 on Wed, subsequent cross-inspired weakness suggests re-test of 101.07 wud be forthcoming soon, a break there wud pressure dlr twd 2014 trough at 100.76 (Feb low), a daily close below there wud signal a 'downside break' of the near 7-month long broad sideways trading has taken place, then further weakness to 100.00 n 99.60 (50% r of 93.75-105.45) wud follow later this month. Failure to penetrate 100.76 n subsequent rise abv 101.79 wud retain previous broad consolidative view, dlr will later ratchet higher twd 102.27 later next week.
. Today, as yen remains firm across the board due to safe-haven demand, selling dlr on intra-day recovery for 100.80 is cautiously favoured n only abv 101.79 aborts bearishness, risks subsequent headway twd 102.00/05.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.