DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 22 Mar 2016 00:05GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
111.75
55 HR EMA
111.73
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
66
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
112.96 - Last Thur's high
112.63 - Last Tue's low, now res
112.33 - Last Wed's low, now res
Support
111.58 - Y'day's NY low
111.22 - Y'day's low
110.82 - Last Fri's low
. USD/JPY - 112.06... Dlr ratcheted higher after finding support at 111.22 in Asia y'day n rose to 111.86 in NY morning, despite release of downbeat U.S. existing home sales, price climbed to 111.97, then 112.16 in Australia today.
. On the bigger picture, dlr's brief breach of Feb's bottom at 110.99 to a fresh 16-month low at 110.67 last Thur signals a 'downside break' of early 1-mth long daily swings has taken place n MT erratic decline fm 2015 near 13-year peak of 125.86 (Jun) should pressure price to psychological obj. at 110.00, then 109.52 (50% proj. of 121.70-110.99 measured fm 114.88) later this month. However, as prominent 'bullish convergences' would appear on daily n hourly technical indicators on such move, 108.06 (161.8% proj. of 125.86-116.15 measured fm 123.77) would hold. Only a daily close abv 112.63 signals temporary low is made n risks stronger correction to 113.82, then twd 114.45.
. Today, dlr's intra-day break of previous res at 112.00 ahead of Asian open suggests near term upside bias remains for corrective rise fm 110.67 to extend to 112.33, however, only abv 112.63 would bring stronger retracement twd 112.96. On the downside, below 111.58 signals correction over n yields 111.22.
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