DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 23 Apr 2014 23:42GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
102.45
55 HR EMA
102.48
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
52
14 HR DMI
+ve
Daily Analysis
Choppy trading to continue
Resistance
103.30 - Apr 07 European high
103.00 - Apr 7 low, now res
102.73 - Tue's high
Support
102.17 - Y'day's low
102.02 - Last Mon's high, now sup
101.50 - Last Tue's low
. USD/JPY - 102.48...Dlr fluctuated wildly on Wed as despite initial firm-
ness due to gain in the Nikkei, offers belowTue's near 2-week high at 102.73
capped price at 102.69, the pair later fell tointra-day low of 102.17 in Europe
but usd's broad-based rebound in NY sessionlifted price to 102.56 (Australia).
. Outlooktoday is rather mixed as looking at the daily chart, although the
erratic rise fm Apr's low at 101.32 confirmsearly selloff fm Apr's 2-1/2 month
peak t 104.13 has ended there, as dlr hasfaltered right at the 'natural' 50% r
target of the decline fm 104.13 to the tick,aforesaid weakness to 102.17 Wed
suggests choppy sideways move is in store in next1-2 days. If dlr continues to
trade abv y'day's 102.17 low n penetrates 102.73,then price is en route twd 103.06
(being a'dynamic' 61.8% r fm 104.13), however, as the hourly indicators wud
display prominent 'bearish divergences' on suchmove, reckon 103.58, being 100%
proj. of 101.32 to 102.73 measured fm 102.17, wudcap upside n yield another leg
of decline next week. Below 102.17 confirms topis in place n yields weakness to
101.86 but pivotal sup at 101.50 shud remainintact.
. We're cautiously holding a short position for another leg of decline.
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