DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 12 Feb 2016 00:05GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
112.45
55 HR EMA
113.35
Trend Hourly Chart
Down
Hourly Indicators
Turning up
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
114.21 - Tue's low (now res)
113.60 - Y'day's high
113.20 - Reaction high fm 110.99
Support
111.57 - Y'day's NY low
110.99 - Y'day's fresh 15-month low
110.35 - 61.8% r of 100.76-125.86
. USD/JPY - 112.55.. Dlr continued its recent losing streak n tumbled to below Wed's 113.12 low to a fresh 15-month trough of 110.99 in Europe. Price briefly spiked to 113.20 on rumour of intervention b4 swinging sideways in NY.
. On the bigger picture, although y'day's brief but sharp bounce to 113.20 signals a temporary low has been made n dlr may well gain several days of res- pite swinging sideways. As long as 113.50/60 holds, downside bias remains for aforesaid fall fm 125.86 to head twd 110.09 (2014 top formed in Nov, now sup), however, a break there is needed to extend weakness twd 106.55, being a minimum 38.2% r of the entire rise fm 2011 record bottom at 75.32 to 125.86. Therefore, selling dlr on corrective rally in anticipation of decline to indicated targets is the way to go n only a daily close abv 114.21 signals temporary low is finally in place, risks stronger retracement to 115.50/54.
. Today, although a day of consolidation abv y'day's temporary trough at 110.99 is in store, as long as 113.50/60 holds, downside bias remains for another fall. So selling on intra-day recovery is recommended but profit should be taken on decline as below 110.99 needed to extend weakness to 110.50/60.
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