DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 01 Apr 2015 23:52GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
119.75
55 HR EMA
119.79
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
41
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
120.62 - 61.8% r fm 122.03 -118.33
120.37 - Tue's high
119.96 - Y'day's Intra-day res
Support
119.42 - Y'day's low
118.93 - Last Fri's low
118.33 - Last Thur's low
. USD/JPY - 119.56.. The greenback went through a rollar-coaster session Wed. Price initially tanked to 119.42 in Asia on cross buying in yen due to risk aversion. However, dollar then rallied back to 120.33 in Europe on speculation of further stimulus by BOJ in Apr but tanked to 119.42 in NY after soft US data.
. Let's look at the bigger picture 1st, despite dlr's strg retreat fm a near 8-year high of 122.03 in Mar to a 5-week low last Thur, Mon's rally to 120.23 n then 120.37 on Tue suggests the corrective decline has indeed formed a low there n despite y'day's 'volatile' movement, as long as 118.93 sup holds, choppy consolidation with mild upside bias remains n abv 120.37 wud encourage for further gain to 120.62 (being 61.8% r fm 122.03-118.33), break wud bring a re-test of pivotal res at 121.20, however, a daily close abv there is needed to confirm n yield aforesaid top at 122.03 later in Q2. On the downside, below 118.93 may risk weakness twd 118.33 sup, however, break there is needed to signal recovery over n yield stronger correction to 117.40/50 next week.
. Today, as decline fm 120.33 to 119.42 suggests choppy trading below 120.37 top wud continue, selling dlr for 119.11 (61.8% r fm 118.33) is favoured.
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