WEEKLY USD/JPY TECHNICAL OUTLOOK
Last Update At 20 Apr 2014 23:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
102.41
55 HR EMA
102.31
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
68
14 HR DMI
+ve
Daily Analysis
Marginal rise b4 retreat
Resistance
103.00 - Apr 7 low, now res
102.74 - Prev. sup, now res
102.57 - Las Fri's high
Support
102.02 - Last Mon's high, now sup
101.50 - Las Tue's low
101.32 - Apr 11 low
. USD/JPY - 102.50... Although dlr was under pressure initially last week
as renewed geopolictical tensions in the Ukraine triggered risk-aversion buying
of yen, subsequent rally in Nikkei n global stocks after tension eased boosted
risk appetite, dlr later rebounded to 102.57 in Tokyo morning on Fri.
. Looking at the daily picture, although dlr's decline fm 104.13 (Apr's
high) to 101.32 suggests choppy trading below Jan's 5-year peak at 105.45 wud
continue, last week's erratic rise to 102.57 signals aforesaid fall has made a
low there n broad sideways move wud continue with initial upside bias, however,
a daily close abv 103.06 (being 'dynamic' 61.8% r of 104.13-101.32 is needed to
retain bullish prospect of further headway to 103.77, however, break there wud
yield gain twd 104.13. On the downside, below 101.86 anytime wud be the 1st
signal correction is over n yield weakness twd previous good sup at 101.20/21,
break wud bring re-test of key sup at 100.76 (Feb's reaction low fm 105.45).
. Today, as dlr hs maintained a steady undertone ahead of Asian open, intra
-day upside bias remains for gain twd 103.00/06, reckon 103.30 wud cap upside.
Below 102.02 anytime wud be 1st signal top is in place n yields 101.81/86.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.