DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 06 Apr 2016 00:02GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
110.501
55 HR EMA
10.99
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation b4 decline resumes
Resistance
111.37 - Mon's NY high
111.10 - Mon's low (now res)
110.84 - Tue's Euroepan high
Support
109.92 - Y'day's 17-month low (interbank)
109.80 - 1.618 ext. of 113.80-112.02 fm 112.68
109.47 - 2014 Oct 30 high (now sup)
USD/JPY - 110.28... Dlr continued its recent descent n tumbled at Tokyo morning on renewed weakness in the Nikkei, price penetrated Mar's 110.67 low to 110.30 n later briefly dropped to 109.92 in NY morning b4 recovering to 110.55.
. Let's look at the bigger picture, y'day's break of last month's 110.67 trough to a 17-month bottom of 109.92 confirms the medium-term downtrend fm 2015 near 13-year peak at 125.86 (Jun) has once again resumed n price is now en route twd indicated downside target at 108.28 (50% proj. of 121.70-110.67 fm 113.80), however, as both hourly & daily technical indicators would display prominent bullish convergences, steep fall below there is unlikely n risk has increased for a much-needed correction to take place next week. On the upside, a daily close abv 111.10 (prev. sup, now res) would be the 1st signal temporary low is in place n risk stronger correction to 111.80 but 112.43/46 should hold.
. Today, as current price is still trading below the 21-hr & 55-hr emas, suggesting intra-day downside bias remains for price to head lower after consolidation, reckon 109.45/50 would hold on 1st testing n bring rebound. Only abv 110.81/84 may risk stronger retracement twd 111.10 b4 retreat. 
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