DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 21 Aug 2014 23:56GMT
Trend Daily Chart
Sideways
Daily Indicators
Overbought
21 HR EMA
103.78
55 HR EMA
103.52
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
61
14 HR DMI
+ve
Daily Analysis
Consolidation b4 upmove resumes
Resistance
104.88 - 1.618 times ext. of 101.07-103.15 fm 101.51
104.13 - Apr high (04)
103.96 - Y'day's fresh 4-1/2 month peak
Support
103.41 - Wed's European high (now sup)
103.15 - Jul's high (30)
102.72 - Last Fri's high
. USD/JPY - 103.86 ... U.S. dollar extended this week's ascent to a fresh 4-1/2 month peak at 103.96 on Thur following Wed's release of mildly hawkish FOMC minutes, however, profit-taking below 104.00 capped dlr's upside n price retreated briefly to 103.60 in New York morning b4 rebounding.
. As mentioned in our previous updates, dlr's firmness after Wed's rally abv Jul's high at 103.15 confirms early erratic upmove fm May's low at 100.81 has resumed n as daily technical indicators are 'rising', marginal gain abv key daily res at 104.13 (Apr's high) is now envisaged after minor consolidation, however, as price is expected to remain confined inside the MT well-trodden broad range of 105.45-100.76, strg gain abv aforesaid res is unlikely n reckon 104.88 (1.618 extension of 101.07-103.15 measured fm 101.51) wud cap dlr's upside n bring a much-needed retreat next week. On the downside, only a breach of 102.72 (last Fri's high, now sup) wud signal a temporary top has been formed n risk weakness twd last Fri's low at 102.14.
. Today, in view of abv bullish scenario, buying dlr on dips is favoured n only below 103.15 wud risk stronger retracement twd 102.72.
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