DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 26 Jan 2015 23:52GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
118.28
55 HR EMA
118.13
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
119.96 - Jan 8 high
119.32 - Last Mon's high
118.87 - Last Tue's high
Support
118.08 - Hourly chart
117.83 - Y'day's Asian moring high, now sup
117.18 - Last Wed's low
. USD/JPY - 118.56... Although active cross-buying in yen pressured dlr to 117.27 ahead of Asian open on Mon, renewed weakness in yen vs other currencies lifted price n dlr rallied to 118.48 in NY morning. Later, dlr briefly retreated to 118.13 n then climbed to session high of 118.50 at NY close.
. Let's look at the bigger picture, as mentioned in recent update, dlr's volatile price action fm Dec's 7-1/2 year peak at 121.85 is developing into a triangle with a-leg trough at 115.57, subsequent bounce to 120.83 marked the b-leg top, then the decline to Jan's low at 115.85 was the c-leg bottom, last week's rise to 118.87 (Tue) signalled d-leg rise was in progress which shud falter below 120.83 n yield an e-leg fall in Feb. On the downside, only below key sup at 115.57 wud invalidate abv triangle scenario n yield correction of the LT uptrend fm 75.32 (2011 record low) to 114.55 n possibly twd 113.52 next month.
. Today, dlr's strg rebound fm said y'day's low at 117.27 suggests as long as minor sup at 118.08 hold, intra-day upside bias remains for gain twd 118.87 res, break there wud confirm abovementioned triangle d-leg upmove has resumed n shud yield gain to 119.32/37. Therefore, buying dlr again on dips is favoured.
Recommended Content
Editors’ Picks
AUD/USD tumbles toward 0.6350 as Middle East war fears mount
AUD/USD has come under intense selling pressure and slides toward 0.6350, as risk-aversion intensifies following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY breaches 154.00 as sell-off intensifies on Israel-Iran escalation
USD/JPY is trading below 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price jumps above $2,400 as MidEast escalation sparks flight to safety
Gold price has caught a fresh bid wave, jumping beyond $2,400 after Israel's retaliatory strikes on Iran sparked a global flight to safety mode and rushed flows into the ultimate safe-haven Gold. Risk assets are taking a big hit, as risk-aversion creeps into Asian trading on Friday.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.