Daily Technical Outlook & Trading USD/JPY: Jul 30, 20015

   DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 30 Jul 2015 00:00GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
123.78

55 HR EMA
123.68

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
124.48 - Tue's high
124.19 - Last Thur's high
124.03 - Y'day's high

Support
123.01 - Mon's low
122.92 - Jul 14 low
122.45 - 50% r of 120.42-124.48

. USD/JPY - 123.90... Despite dlr's brief drop to 123.33 on Tue, rebound Chinese stocks prompted yen-selling n dlr later ratcheted high to 123.93 in NY. Price briefly dipped to 123.55 after FOMC statement before rising to 124.03 morning. Dlr briefly dropped to 123.55 after FOMC but only to rise to 124.03.

. Dlr's rally fm 120.42 (Jul low) to 124.48 last week confirms early correction fm Jun's near 13-year peak at 125.86 has ended there n despite fall to 123.01 Mon, y'day's rise to 124.03 suggests the erratic fall fm 124.48 has ended at 123.01 n further consolidation inside 123.01-124.48 broad range wud be seen. As long as 123.33 sup (y'day's low) holds , gain to 124.19 (last Thur's high) is envisaged, abv 124.48 res would encourage for a re-test of 125.86 in Aug, abv would extend LT uptrend fm 2011 record low of 75.32 to 126.78, this is 61.8% proj. of the intermediate upmove fm 115.57 to 125.86 measured fm 120.42. Below 123.01 would risk 122.45 (50% r fm 120.42-124.48)but 121.97 (61.8% r) wud hold.

. Today, we're holding a long position entered y'day at 123.45 for gain twd 124.19 res but profit should be taken ahead of key U.S. GDP later. Only below 123.33 would risk weakness to twd 122.92 but 122.45 should remain intact.