DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 31 Jul 2014 00:13GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
102.63
55 HR EMA
102.32
Trend Hourly Chart
Up
Hourly Indicators
Retreating fm o/bot
13 HR RSI
72
14 HR DMI
+ve
Daily Analysis
Resumption of recent upmove
Resistance
104.13 - Apr 04 high
103.53 - 80.9% r of 104.13-100.81
103.15 - Y'day's high
Support
102.27 - July 03 hiigh
101.94 Last Fri's high
101.72 - Last Fri's low
. USD/JPY - 102.84 ... Dlr started to move high at Asian open y'day after meeting renewed buying at 102.04. Price rallied abv 102.30 (European high) after a surprise jump in U.S. Q2 GDP. Dlr rallied to 103.01 n then hit a 3-1/2 mth top of 103.15 (interbank) after FOMC rate decision b4 retreating briefly to 102.74.
. Looking at the hourly n daily charts, y'day's rally abv previous res at 102.27 (Jul 03) n then 102.80 (Jun 04) signals another leg of upmove fm May's low at 100.81 has taken place n abv 103.08 res wud bring further headway to measured objective at 103.50/53 (being 80.9% r of 104.13-100.81 n equality proj. of 100.81-102.80 measured fm 101.07 respectively), however, as broad outlook remains consolidative, price is expected to 'gyrate' inside the well trodden 7-month long range of 100.76-105.45, reckon 104.13 res shud cap upside n yield a much-needed retreat later next week. Looking ahead, only a move abv 104.13 wud confirm the correction fm this year's high at 105.45 (Jan 02) has indeed ended at 100.76 n bring re-test of this res lvl in Aug/Sep.
. Today, buying dlr on dips is recommended as only below 102.16 (Tue's top) wud abort current bullishness n risk stronger retracement twd 101.72 sup later.
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