DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 09 Mar 2016 00:08GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
112.82
55 HR EMA
113.15
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
113.80 - Hourly chart
113.52 - Y'day's high
113.12 - Last Fri's low (now res)
Support
112.42 - Y'day's low
112.16 - Last Tue's low
111.64 - Feb 24 low
. USD/JPY - 112.71... Dlr came under renewed selling pressure at 113.52 in Australia y'day n tanked to 112.75 in Asia on yen-buying b4 recovering to 113.25. Later, price ratcheted lower again in NY to 112.42 b4 stabilising.
. On the bigger picture, dlr's 3-week long daily swings after resumption of MT fall fm 2015 near 13-year peak of 125.86 (Jun) to 110.99 in Feb suggests said decline has made a temporary low there n indicated volatile price action fm 110.99 is possibly unfolding into a bearish 'triangle' with a-leg top at 114.88, b-leg trough at 111.04 n last week's rise to 114.56 marked the c-leg terminus. If this bearish view holds true, recent downtrend should resume in late Mar to psychological target at 110.00, then 109.52 (50% proj. of 121.70-110.99 measured fm 114.88). Only a daily abv 114.88 would risk stronger gain twd 115.97, a break there would yield further headway twd 116.67 (38.2% r of 125.86-110.99).
. Today, as current price is trading below the 21-hr n 55-hr emas, selling dlr again on recovery twd 112.16 char obj. is favoured but reckon 111.90/98 sup would hold on 1st testing due to expected 'bullish convergences' on the hourly indicators. Abv 113.25 signals low is made n risks gain to 113.50/52.
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