Daily Technical & Trading Outlook USD/JPY

   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 20 Nov 2015 00:05GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
123.03

55 HR EMA
123.16

Trend Hourly Chart
Near term down

Hourly Indicators
Falling

13 HR RSI
40

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
123.73 - Wed's 12-week high
123.38 - Y'day's Eurpoean high
123.20 - 50% r of 123.77-122.62

Support
122.62 - Y'day's low
122.38 - Mon's European sup
122.21 - Mon's low

. USD/JPY - 122.91... Price ratcheted lower on Thur on dlr's broad-based long-liquidation n fell fm 123.65 (AUS) to 123.10 after BoJ's unchanged rate decision. Price later weakened to session low of 122.62 in NY b4 recovering.

. Looking at the bigger picture, dlr's break of last week's 123.61 high to a 12-week peak of 123.76 y'day has justified our recent bullish stance, as this move signals the correction fm 2015 near 13-year peak at 125.86 (Jun) has ended earlier at 116.15 (Aug low). Looking ahead, current rising daily technical indicators suggest price is en route to 124.01 (being 80.9% r of 125.86-116.15), then 124.63 after consolidation, a daily close abv there is needed to retain bullish scenario for further headway twd 125.86 in Dec. On the downside, only below 122.21 would confirm a temporary top is finally in place, then risk is seen for a stronger retracement twd 121.48/58 b4 prospect of another rise.

. Today, y'day's break of 122.92 sup signals the long-awaited correction has occured n weakness to 122.34, being a 'minimum' 38.2% r of intermediate rise fm 120.02-123.77, however, reckon 122.21 sup would hold due to oversold reading on hourly indicators n bring a strg rebound later today or Mon.