DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 16 Dec 2014 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
118.15
55 HR EMA
118.44
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
43
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
119.56 - Last Thur's high
119.06 - Mon's high
118.98 - Mon's NY high
Support
117.45 - Last Thur's low
117.06 - Nov 17 high, now sup
116.41 - 38.2% r of 107.61-121.85
. USD/JPY - 117.94... Dlr swung wildly on Mon following Japan's national election on Sun. Despite falling fm NZ's high of 119.04 to 117.78 ahead of Tokyo open, dlr swiftly rallied to 119.06 in Asia. Dlr later chopped inside 117.78-119.06 range in Europe b4 falling to a fresh intra-day low at 117.57 in NY.
. Looking at the hourly n daily charts, y'day's decline to 117.57 signals recovery fm last Thur's low at 117.45 has indeed ended the same day at 119.56 n re-test of this sup wud be seen, a firm break there wud confirm LT uptrend fm 2011 record low at 75.32 has formed a temporary top at 121.85 (7-year peak on Dec 7), then the pair will be en route to 116.41, being a 'minimum' 38.2% r of the MT intermediate rise fm 107.61-121.85, however, reckon 114.73 (50% r) wud contain weakness this month n yield subsequent rebound.
. In view of abv analysis, despite recent volatile swing inside established range of 117.45-119.56, selling dlr on intra-day recovery for re-test of 117.45 is favoured n later resumption of aforesaid fall twd 117.06 (Nov 17 high) is recommended, however, price shud hold well abv 116.41 today. On the upside, only abv 119.00 wud prolong choppy trading but 119.56 res shud remain intact.
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