WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 26Apr 2015 23:25GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
119.13
55 HR EMA
119.37
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/s
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
120.09 - Last Thur's high
119.66 - Last Fri's high (AUS)
119.43 - Last Thur's low (now res)
Support
118.83 - Last Fri's low
118.53 - Last Mon's low
118.33 - Mar low (26)
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. USD/JPY - 118.90... The greenback went through a roller-coaster session last week. Price initially weakened to 118.53 on Mon, however, renewed buying abv daily sup at 118.33 (Mar low) helped price rally back to as high as 120.09 Thur, partly on cross-selling in yen b4 tanking to 118.83 in NY session Fri.
. On the daily picture, although dlr's aforesaid rebound fm 118.53 to 120.09 last week suggests choppy sideways trading inside the 1-month long broad range of 118.33-120.84 wud continue initially, as long as upper level holds, downside bias remains. Dlr's early decline fm Mar's near 8-year peak at 122.03 to 118.33 signals a top has been made (as this high was accompanied by 'bearish divergences' on hourly & daily oscillators), downside bias remains, a daily close below 118.33 (reaction low) wud add credence to this view n yield weakness to 117.46 (70.7% r of 115.57-122.03), then 116.66 (Feb low) in May. Therefore, trading dlr fm short side is favoured n only abv 120.09 dampens bearishness.
. Today, in view of abv outlook n with current spot price below the 21-hr n 55-hr emas, selling dlr on intra-day recovery is favoured, however, only break of 118.33 wud retain bearishness for weakness to 118.00/04, then 117.46.
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