DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 26 May 2015 00:00GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
121.53
55 HR EMA
121.37
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation b4 marginal rise
Resistance
122.52 - 50% projection of 115.57-122.03 fm 119.29
122.03 - Mar's 12-year high (10th)
121.78 - Y'day's high
Support
121.45 - Y'day's low
121.09 - Last Fri's Asian high (now sup)
120.64 - Last Fri's low
. USD/JPY - 121.66..Although dlr continued its recent winning streak y'day n climbed to a fresh 2-month high of 121.78 at Asian open due to renewed weakness in eur/usd in NZ/AUS, intra-day rebound in the euro led to long liquidation , the pair retreated to 121.45 in Europe n moved narrowly in thin NY session.
. On the bigger picture, dlr's early rally abv indicated pivotal res at 120.84 signals an 'upside break' of the 10-week long broad range of 122.03-118.33 has taken place n re-test of Mar's near 8-year peak at 122.03 wud be forthcoming soon. A daily close abv said key res wud confirm uptrend fm 2011 record low at 75.32 to retrace LT intermediate fall fm 147.64 (1998 Jun's high) has finally resumed, then outlook wud bode well for gain to 122.52, then 123.28, being 50% & 61.8% projections respectively of intermediate rise fm 115.57-122.03 measured fm 119.29. Our weekly strategy is holding a long position in anticipation of upmove to said upside obj n only below 120.64 wud dampen present bullish scenario, risk stronger retracement twd 120.04 b4 prospect of another rise.
. Today, intra-day firmness at Asian open suggests marginal gain abv 121.78 is likely but bearish divergences on hourly indicators may cap dlr below 122.03.
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