DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 24 Sep 2014 23:58GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
108.90
55 HR EMA
108.81
Trend Hourly Chart
Up
Hourly Indicators
Rising
13 HR RSI
74
14 HR DMI
+ve
Daily Analysis
Consolidation b4 uptrend resumes
Resistance
110.67 - 2008 peak (AUG)
109.90 - 61.8% proj. of 106.81-109.46 fm 108.26
109.46 - Last Fri's fresh 6-year high
Support
108.46 - Y'day's low
108.26 - Tue's low
108.14 - 50% r of 106.81-109.46
. USD/JPY - 109.27 ... Despite dlr's brief but sharp drop to 108.46 ahead of of Tokyo open on Wed due to Japan PM Abe's comment on weak yen, dlr rebounded to 108.78 in Asia on recovery in The Nikkei. The pair continued its intra-day gain n climbed to 109.15 near NY close due to dlr's broad-based strength.
. Looking at the hourly n daily charts, y'day's rebound n intra-day breach
of res at 109.19/20 suggests the correction fm last Fri's fresh 6-year peak at
109.46 has ended at 108.26 on Tue n upside bias remains for re-test of 109.46, abv wud confirm the LT uptrend fm 2011 record low at 75.32 (Nov) has once again resumed n yield gain to daily obj. at 109.70, however, as hourly oscillators wud display 'bearish divergences' on such move, reckon 109.90/110.00 wud cap upside, this is 61.8% proj. of 106.81-109.46 measured fm 108.26 n 'psychological' lvl respectively. On the downside, only below 108.26 wud defer bullishness on dlr.
. Today, as dlr has maintained a firm undertone after penetrating 109.19/20 res ahead of Tokyo open, buying on dips in anticipation of a resumption of said uptrend is favoured n only below 108.65/70 wud dampen bullish scenario, however, this week's low at 108.26 shud remain intact.
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