DAILY USD/JPY TECHNICAL OUTLOOKLast 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.
Recommended Content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades slightly near 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range below $2,320
After retreating to the $2,310 area early Wednesday, Gold regained its traction and rose toward $2,320. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.