yen   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 26 Oct 2015 23:52GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
121.02

55 HR EMA
120.87

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
47

14 HR DMI
-ve

Daily Analysis
Initial retreat b4 rebound

Resistance
121.74 - Aug 28 high
121.51 - Y'day's high (AUS)
121.27 - Hourly chart

Support
120.60 - Y'day's low (NY)
120.23 - Last Fri's low
120.09 - Last Wed's high, now sup

. USD/JPY - 120.96... Dlr ended its recent winning streak after initial gain to a fresh 7-week high of 121.51 in Aust. on Mon. Price fell to 120.60 in NY morning due to downbeat U.S. new home sales b4 staging a bounce to 121.10.

. Looking at the bigger picture 1st, as mentioned in previous updates, despite dlr's early brief downside break of the prolonged 1-1/2 month long 121.74-118.60 range to 118.06, subsequent rally abv 120.57 n Mon's gain to 121.51 has justified our recent bullish view on dlr for re-test of 121.74 where a break of this key res would confirm early upmove fm 116.15 (reaction low fm 2015 near 13-year peak at 125.86 in Jun) has finally resumed, price would be en route to 122.15 (61.8% r of 125.86-116.15), then twd 123.65 (being equality measurement of 116.15-121.74 fm 118.06), in Nov. Therefore, buying dlr again on dips is recommended n only below 120.09 would dampen bullishness on dlr, risks 119.62.

. Today, as said y'day's 121.51 high was accompanied by 'bearish divergences' on the hourly indicators, subsequent strg retreat to 120.60 signals temp. top has been made n 1-2 days of consolidation with downside bias is in store but reckon sup 120.23 would contain weakness n bring strg rebound.  yen

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