Daily Technical and Trading Outlook - USD/JPY
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Last Update At 21 Mar 2017 00:02GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
112.64
55 HR EMA
112.90
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Marginal weakness b4 rebound
Resistance
113.53 - Last Fri's high
113.19 - Hourly chart
112.90 - Y'day's high
Support
112.44 - Intra-day's low
112.23 - 50% proj. of 115.51-112.91 fm 113.53
111.92 - 61.8% proj. of 115.51-112.91 fm 113.53
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USD/JPY - 112.55.. The pair met renewed selling at 112.76 as G20 meeting turned out to be a non-event, price fell to a fresh 2-week low of 112.46 in Euro pean morning b4 staging a recovery to 112.90 but only to drop to 112.50 in NY.
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On the bigger picture 1st, dlr's early rally fm 2016 bottom (Jun) at 99. 00 to a 10-1/2 month peak of 118.66 in mid-Dec signals the MT fall fm 2015 near 13-year peak at 125.86 has ended there, subsequent fall to Feb's low of 111.60 suggests top has been made. Depite dlr's 3-legged rise back to 115.51 in early Mar, last week's decline to 112.57 strongly suggests said upmove has ended n downside bias remains, a daily close below 112.35 (80.9% r) wud add credecne to this view n bring re-test of 111.60, break wud head to 110.92. On the upside, only abv 114.49 aborts bearishness n risks re-test of 115.51.
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Today, despite dlr's resumption of recent decline to a fersh 2-week low of 112.44 ahead of Asian open, as this lvl was accompanied by prominent 'bulish conver gences' on the hourly oscillators, reckon 112.23 would hold n bring correction of early fall fm 115.51. Abv 112.91 confirms temp. low made, 113.40/50.
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