DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 26 Jan 2016 00:33GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
118.42
55 HR EMA
118.24
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
119.67 - 2015 Nov 27 low (now res)
119.17 - Jan 06 high
118.88 - Last Fri's high
Support
118.11 - Jan 19 res (now sup)
117.86 - Last Fri's NY low
117.54 - Last Fri's low
. USD/JPY - 118.25.. Despite sideways move in Asia Mon, failure to re-test last Fri's 118.88 high led to long liquidation in the dlr, price fell to 118.17 b4 rebounding to 118.65 in NY but dlr fell again due to weakness in the Dow.
. On the bigger picture, dlr's brief breach indicated key daily sup at 116.15 (reaction low of the major fall fm 2015 near 13-year peak at 125.86 in Jun) to a 1-year bottom of 115.97 last Wed confirms MT fall fm 2015 near 13-year peak at 125.86 (Jun) has resumed, however, lack of follow-through selling n Fri's rally abv previous res at 118.38 to 118.88 signals temporary low has been made n initial choppy consolidation is in store, a daily close abv 118.95 (38.2% r of 123.77-115.97) may bring stronger retracement of the entire fall fm 125.86 to 119.75 n possibly twd 120.91 in Feb (being 38.2% r & 50% r respectively). On the downside, below 116.47 would turn outlook bearish for fall twd 115.57.
. Today, dlr's renewed weakness at Asian open as gap-down open in the Nikkie due to o/n fall in the Dow n oil price has triggered yen-buy on risk aversion, suggesting 1st leg of correction fm 115.97 has ended n decline to 117.77(38.2% r) is likely but 117.48 (prev. res, now sup) would contain weakness.
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