DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 02 May 2016 23:46GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
106.52
55 HR EMA
107.12
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
107.63 - Prev. Apr's low (now res)
107.42 - Last Fri's NY high
106.82 - Y'day's high
Support
106.14 - Y'day's fresh 18-month low (NZ)
105.74 - 100% proj. of 113.80-107.63 fm 111.91
105.00 - 'Psychological' level
USD/JPY - 106.43... Dlr opened lower in NZ on Mon after the US Treasury placed Japan n 4 other countries with large trade surplus on a new 'Monitoring List', price fell to an 18-month low of 106.14 in Asia b4 recovering to 106.82.
. On the bigger picture 1st, dlr's break of previous Apr's 107.63 low to a new 18-month trough at 106.14 y'day confirms MT fall fm 2015 near 13-year peak at 125.86 (Jun) to correct the entire LT uptrend fm 2011 record bottom at 75.32 has once again resumed n price is en route twd 100.59 (50% r) in Jun/ Jul. This week, as long as 108.73 holds, dlr should head to 105.74, then 104.88, being 100% proj. of intermediate fall fm 113.80-107.63 measured fm 111.91 n 50% proj. of 121.70-107.63 measured fm 111.91 respectively. Having said that, as daily n hourly indicators have displayed 'bullish convergences', 104.88 would hold on 1st testing n only abv 108.73 signals temp. low is made, risks 110.67.
. Today, as Mon's 106.14 low was accompanied by 'bullish convergences' on the hourly indicators, subsequent recovery to 106.82 in NY suggests a temporary low has been made n 1-2 days of consolidation is in store, reckon 107.42 would cap upside n yield another fall but below 106.14 needed to extend twd 105.74. 
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