DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 27 Aug 2014 23:56GMT
Trend Daily Chart
Up
Daily Indicators
Overbought
21 HR EMA
103.92
55 HR EMA
103.94
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Consolidation n4 marginal rise
Resistance
104.88 - 1.618 times ext. of 101.07-103.15 fm 101.51
104.49 - Mon's NZ high (Reuters)
104.17 - Tue's NY high
Support
103.75 - Mon's low
103.50 - Last Fri's low
103.15 - Jul's high (30)
. USD/JPY - 103.90... The greenback remained under pressure y'day after
meeting renewed selling just below Tue's 104.17 high at Tokyo open, price then
ratcheted lower to 103.79 in NY morning n rebounding to 104.00.
. Dlr's sideways move after rising to a 7-month peak of 104.49 Mon suggests
further choppy trading below this res wud continue, however, as long as near
term pivotal sup at 103.50 (last Fri's low) holds, recent erratic upmove fm
this year's low at 100.76 (Feb) shud resume after consolidation n abv 104.17 wud
add credence to this view n yield re-test of aforesaid top, abv wud encourage
for further gain twd 104.88 (1.618 times extension of 101.07-103.15 fm 101.51)
later. Looking ahead, as early breach of Apr's 104.13 high signals an 'upside
break' of the 7-month long broad sideways consolidation fm Jan's 5-year peak at
105.45 has taken place, price is en route to re-test said 2014 high at 105.45,
abv there wud encourage for gain twd the minimum triangle breakout obj. at
107.31 in late Sep. On the downside, below 103.50 risks retrace. to 103.15.
. Today, we're holding a long position in anticipation of marginal gain abv
104.49 but 'bearish divergences' on hourly oscillators wud cap price at 104.88.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.