WEEKLY USD/JPY TECHNICAL OUTLOOK
Last Update At 18 Apr 2016 00:29GMT
Trend Daily Chart
Down
Daily Indicators
Resumption of downtrend
21 HR EMA
108.66
55 HR EMA
108.92
Trend Hourly Chart
Down
Hourly Indicators
Oversold
13 HR RSI
24
14 HR DMI
-ve
Daily Analysis
Down
Resistance
109.74 - Last Fri's high
109.05 - Fri's NY morning high
108.60 - Last Fri's low
Support
107.63 - Last Mon's fresh 17-month low
106.98 - 61.8% proj. of 121.70-110.67 fm 113.80
106.55 - 38.2% r of 75.32-125.86
. USD/JPY - 107.93... Despite hitting a fresh 17-month trough of 107.63 at the start of last week, verbal warnings by Japanese official prompted active broad-based yen-selling, dlr later climbed back to 109.74 on Fri b4 retreating.
. Let's look at the bigger picture 1st, although dlr's strg rebound fm last Mon's 17-month bottom at 107.63 suggests the medium-term downtrend fm 2015 near 13-year peak at 125.86 (Jun) has formed a temporary low there, as 109.74 has contained upside, bearishness is retained for weakness to next downside obj. at 106.98 (being 61.8% projection of 121.70-110.67 measured fm 113.80) after consolidation, however, 106.55 (38.2% r of entire rise fm 75.32-125.86) would hold. On the upside, only a daily close abv 109.92 (prev. sup, now res) would risk stronger correction to 110.64 b4 prospect of another fall later this month.
. Today, dlr's cross-inspired selloff fm last Fri's 1-week high at 109.74(Asia) to 108.60 in NY after downbeat U.S. data, then intra-day 'gap-down' open to 107.75 at NZ open confirms said correction fm 107.63 has ended n a re-test of this sup is forthcoming, break would extend weakness to 107.20/30 but o/sold readings on hourly indicators should keep price abv 106.98, yield rebound later.
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