Daily Technical Outlook & Trading USD/JPY: Apr 21, 2015


yen  DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 20/04/2015   23:53 GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
119.13

55 HR EMA
119.08

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Initial rise b4 retreat

Resistance
120.12 - 14 Apr high
119.75 - Last Wed's high
119.44 - Y'day's high

Support
118.79 - Last Wed's low
118.53 - Y'day's low
118.33 - Mar 28 low

. USD/JPY - 119.26... The greenback met renewed selling at 119.02 in NZ on Mon n then fell briefly below last Fri's low at 118.57 to an intra-day low of 118.53 at European opening due to cross buying in jpy. However, dlr's broad-based strength lifted price to 119.44 in NY morning b4 easing.

. Despite extending decline fm last week's 120.84 high to a marginal low at 118.53 (4 ticks below last Fri's low at 118.57) on Mon, subsequent strg rebound to 119.44 suggests further choppy consolidation abv Mar's trough at 118.33 (reaction low fm 122.03 peak) wud continue n a retracement of early fall fm 120.84 to 119.69/75 (50% r of 120.84-118.53 n last Wed's high respectively) is likely, however, reckon minor res at 120.12/18 shud cap upside. Looking ahead, a break of said key daily sup at 118.33 anytime wud confirm fall 2015 near 8-year peak at 122.03 has finally resumed, then price wud be en route twd 117.14, this is 100% measurement of 122.03-118.33 projected fm 120.84.

. Today, as Mon's 118.53 low was accompanied by 'bullish convergences' on the hourly indicators, subsequent rally to 119.44 suggests 1-2 days of consolidation is in store. We're selling on upmove for subsequent retreat to 118.85/95.
yen

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