Daily Technical Outlook on Major – USD/JPY : April 16, 2014

  DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At   15 Apr 2014      23:46GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
101.80

55 HR EMA
101.77

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
53

14 HR DMI
+ve

Daily Analysis
Consolidation with mild upside bias

Resistance
102.39 - 38.2% r of 104.13-101.32
102.16 - Last Wed's high
102.02 - Mon's high

Support
101.32 - Last Fri's low
101.21 - Mar 14 low
100.76 - Feb 04 low


. USD/JPY - 101.88...Dlr ended little changed on Tue after a mini 'roller-coaster' session. Despite rising 1 tick abv Asian high of 101.99 to 102.00 in NY morning after release of higher-than-expected U.S. inflation data, disappointing U.S. housing report knocked price down to 101.50 b4 rebounding in NY afternoon.

. Looking at the hourly n daily charts, y'day's rebound after holding abv last Fri's low at 101.32 suggests early fall fm 104.13 (Apr 4) has indeed formed a temporary bottom there n as hourly indicators are currently rising, suggesting choppy trading with mild upside bias still remains, abv 102.02 (Mon's high) wud add credence to this view n gain to 102.16, then 102.39, last Wed's high n the 'minimum' 38.2% r of 104.13-101.32 respectively, wud follow, however, as afore-said decline fm 104.13 signals correction fm 100.76 (Feb) has ended there, broad outlook on the dlr remains bearish n reckon 102.73/74 ('natural' 50% r) shud cap upside n bring another fall later.

. Today, trading dlr fm long side (we have entered a long position at 101.55 y'day) is favoured but profit must be taken on next upmove twd 102.39. Only a below 101.32 extends decline fm 104.13 to 101.21 n later 100.76 (Feb).