DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 25 Feb 2016 00:23GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
111.85
55 HR EMA
112.09
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
113.39 - Mon's high
113.05 - Mon's high
112.42 - Tue's NY high
Support
111.77 - Tue's low
111.30 - Hourly chart
111.04 - Y'day's low
. USD/JPY - 112.12... Despite resumption of recent decline to a 2-week low of 111.04 in NY y'day on continued yen-buying on risk aversion, price later rallied to 112.21 in Aust. today on strg rebound in the Dow in NY afternoon.
. Looking at the daily chart, although dlr's early breach of Jan's 115.97 bottom (now res) to a 15-month trough of 110.99 in Feb confirms MT downtrend fm 2015 near 13-year peak at 125.86 (Jun) has resumed, subsequent rebound to 114.88 suggests a temporary low has been made. Having said that, dlr' cross-inspired' decline to 111.04 y'day confirms aforesaid correction has ended n price is en route to 110.35 after consolidation is over, this is the dynamic 61.8% r of 110.76-125.86, then psychological objective at 110.00 early next month. On the upside, only abv 114.88 would stronger retracement twd 116.15.
. Today, as y'day's 2-week trough at 111.04 was accompanied by prominent 'bullish convergences' on the hourly indicators, subsequent cross-inspired rally to 112.21 in Aust. suggests recent decline fm 114.88 has made a low there n as hourly macd is about to cross abv the 'zero line', break of 112.42 res would bode well for dlr to head to 114.78 n possibly later twd 113.05.
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