DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 27 Aug 2014 23:56GMT
Trend Daily Chart
Up
Daily Indicators
Overbought
21 HR EMA
103.92
55 HR EMA
103.94
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Consolidation n4 marginal rise
Resistance
104.88 - 1.618 times ext. of 101.07-103.15 fm 101.51
104.49 - Mon's NZ high (Reuters)
104.17 - Tue's NY high
Support
103.75 - Mon's low
103.50 - Last Fri's low
103.15 - Jul's high (30)
. USD/JPY - 103.90... The greenback remained under pressure y'day after
meeting renewed selling just below Tue's 104.17 high at Tokyo open, price then
ratcheted lower to 103.79 in NY morning n rebounding to 104.00.
. Dlr's sideways move after rising to a 7-month peak of 104.49 Mon suggests
further choppy trading below this res wud continue, however, as long as near
term pivotal sup at 103.50 (last Fri's low) holds, recent erratic upmove fm
this year's low at 100.76 (Feb) shud resume after consolidation n abv 104.17 wud
add credence to this view n yield re-test of aforesaid top, abv wud encourage
for further gain twd 104.88 (1.618 times extension of 101.07-103.15 fm 101.51)
later. Looking ahead, as early breach of Apr's 104.13 high signals an 'upside
break' of the 7-month long broad sideways consolidation fm Jan's 5-year peak at
105.45 has taken place, price is en route to re-test said 2014 high at 105.45,
abv there wud encourage for gain twd the minimum triangle breakout obj. at
107.31 in late Sep. On the downside, below 103.50 risks retrace. to 103.15.
. Today, we're holding a long position in anticipation of marginal gain abv
104.49 but 'bearish divergences' on hourly oscillators wud cap price at 104.88.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.