WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 18 Aug 2014 00:07GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
102.41
55 HR EMA
102.42
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
103.15 - Jul 30 high
102.93 - Last Tue's high
102.72 - Last Fri's high
Support
102.14 - Last Fri's low
102.09 - Tue's low
101.78 - Aug 06 low
. USD/JPY - 102.40... Dlr continued its rise fm Aug's low at 101.51 at the start of last week n ratcheted higher for 5 consecutive days due to rally in the Nikkei, price climbed to 102.72 Fri b4 coming off pretty sharply to 102.14 in NY morning on risk-aversion buying of yen due to renewed tension in the Ukraine.
. Let's look at the bigger picture 1st, dlr's early erratic upmove fm 100.81 (May low) to 103.15 in Jul suggests price wud remain confined inside the MT well-trodden broad range of 105.45-100.76. Although the subsequent strg retreat to 101.51 suggests choppy sideways move is in store, last week aforesaid bounce to 102.72 Fri signals consolidation with upside bias remains n a daily close abv 102.71 wud encourage for re-test of 103.15, however, a break there is needed to extend further headway twd 104.13. In the event dlr penetrates 101.51 sup, then risk wud shift to the downside for weakness twd previous good sup area at 101.07/09 but 100.76/81 sup shud remain intact.
. Today, although Fri's retreat fm 102.72 suggests initial consolidation with downside bias wud be seen, reckon 101.95 ('dynamic' 61.8% r fm 101.51) wud contain weakness n bring rebound later today or tomorrow.
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