DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 30 Oct 2014 00:04GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
108.46
55 HR EMA
108.21
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
79
14 HR DMI
+ve
Daily Analysis
Resumption of recent up move
Resistance
109.91 - Oct's 4
109.23 - Oct's 7 high
108.96 - Y'day's high
Support
108.37 - Mon's high
107.95 - Y'day's low
107.61 - Mon's low
. USD/JPY - 108.86 ... Despite dlr's brief retreat to 107.95 in Europe on Wed, the greenback jumped after FOMC rate decision n ended its 6-year long QE program. The pair rallied to as high as 108.96 on dlr's broad-based strength.
. Looking at the hourly n daily charts, y'day's resumption of upmove fm Oct's low at 105.20 confirms early corrective fall fm Oct's 6-year peak at 110.09 has ended there n as hourly indicators are rising n current price is trading well abv 21-hr n 55-hr emas, suggesting consolidation with upside bias remains for further gain to 109.23 n then twds 109.48 res, however, hourly oscillators' readings wud be in o/bot territory, this shud prevent strg gain today n res area at 109.91-110.09 shud hold on 1st testing n yield a much-needed retreat later. Looking ahead, a daily close abv 110.09 res wud confirm the LT uptrend fm record low at 75.32 (Oct 2011) has once again resumed n yield further gain to 110.50 (being 61.8% proj. of 101.51-110.09 measured fm 105.20).
. Today, buying dlr again on dips is still the way to go. On the downside, only a breach of y'day's low at 107.95 wud signal a temporary top is made n risk stronger pullback to 107.61 sup.
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