DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 25 Nov 2014 23:54GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
107.98
55 HR EMA
107.99
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
44
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
118.98 - Last Thur's fresh 7-year high
118.73 - Hourly chart
118.57 - Y'day's Asian high
Support
117.70 - Y'day's European low
117.58 - Mon's low
117.36 - Last Fri's low
. USD/JPY - 117.85 ... The greenback wildly on Tue. Despite initial rise to 118.57 in Australia, dlr tumbled to 117.80 after the release of BOJ's minutes n price weakened to a low of 117.70 in Europe. The pair later rebounded to 118.30 on robust US GDP data but only to fall again on weak US consumer confidence.
. Looking at the hourly n daily charts, despite dlr's brief rebound fm last Fri's low at 117.36 to 118.57, y'day's retreat suggests further 'choppy' consolidation below last Thur's fresh 7-year high at 118.98 wud continue n as long as res at 118.57 holds another retreat twd 117.36 sup (last Fri's low) may be seen, below wud extend to 117.06, however, a daily close below there needed to bring stronger retracement twd 116.42, this is a 'natural' 50% correction of the intermediate rise of 113.86-118.98 but sup at 105.46 (last week's low) wud hold n yield rebound. On the upside, abv 118.57 wud signal correction is over n bring resumption of LT uptrend fm record low at 75.32 (Oct 2011) for re-test of 118.98, abv wud extend gain to 119.38 (61.8% proj. of 75.32-105.45 fm 100.76).
. Today, in view of daily broad consolidative outlook, we're trading the buck on both sideways of the market.
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