WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 26 Jul 2015 23:14GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
123.83
55 HR EMA
123.88
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Choppy consolidation with downside bias
Resistance
124.62 - Jun 10 high
124.48 - Tue's high
124.19 - Last Thur's high
Support
123.57 - Last Wed's low
123.25 - Hourly chart
122.92 - Jul 14 low
. USD/JPY - 123.79... Although dlr continued its recent winning streak last week n climbed to a 5-week high of 124.48 on Tue b4 coming off on hawkish comments fm BoJ Gov. Kuroda to 123.76, then to 123.57 Wed b4 moving sideways.
. Looking at the bigger picture, although dlr's rally fm 120.42 (Jul low) to as high as 124.48 last week confirms early correction fm Jun's near 13-year peak at 125.86 has ended there, subsequent retreat to 123.57 on Wed suggests a temp. top has been made, therefore, consolidation with downside bias is in store , below 123.57 would pressure price to 122.93 but 122.45, being 38.2% r n 50% r retracements respectively of aforesaid rise, would contain weakness. Therefore, position takers should buy dlr on dips. On the upside, a break abv res 125.00/07 anytime would signal correction has ended n yield re-test of 125.86 in Aug, abv there would extend LT uptrend fm 2011 record low of 75.32 to 126.78, this is 61.8% proj. of the intermediate upmove fm 115.57 to 125.86 measured fm 120.42.
. Today, Fri's intra-day decline fm 124.10 (Europe) to 123.60 in NY suggests consolidation with downside bias would be seen, below 123.57 would extend decline fm 124.48 to 122.25 but sup at 122.92 should remain intact.
Recommended Content
Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.