DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 23 Oct 2014 00:11GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
107.11
55 HR EMA
106.98
Trend Hourly Chart
Near term up
Hourly Indicators
Neutral
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
One more rise b4 strg retreat
Resistance
107.65 - 50% r of 110.09-105.20
107.49 - Last Wed's high
107.39 - Mon's high
Support
106.79 - Y'day's low
106.58 - Tue's NY low
106.25 - Tue's low
. USD/JPY - 107.18 ... Despite y'day's initial retreat fm Australian high at 107.11 to 106.79 in European morning, the greenback ratcheted higher n then rose to a session high at 107.38 in NY morning after release of slightly higher-than-expected U.S. inflation data b4 easing due to retreat in U.S. equities.
. Dlr's rise fm Tue's low at 106.25 to 107.38 suggests early pullback fm Mon's high at 107.39 has indeed ended there n despite subsequent retreat in NY y'day, downside wud be ltd to 106.79 n as long as said Tue's 106.25 low holds, consolidation abv last Wed's 5-week trough at 105.20 wud continue with mild upside bias for further headway to 107.65 (50% r of 110.09-105.20), however, as hourly indicators wud display 'bearish divergences' on such move, 108.01 (prev.sup, now res) wud cap upside n yield resumption of decline fm Oct's 6-year peak at 110.09later this month, present 'falling' daily indicators (macd has cut below the zero line) add credence to this bearish view.
. In view of abv analysis, buying dlr on dips in anticipation of another corrective rise twd 107.65 is still favoured but position traders shud sell dlr on next upmove. Below 106.25 signals recovery is over, risks re-test of 105.20.
_20141023030134.png "yen")
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.