Daily Technical & Trading Outlook USD/JPY
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Last Update At 09 Dec 2016 00:10GMT
Trend Daily Chart
Up
Daily Indicators
Easing fm o/bot
21 HR EMA
113.94
55 HR EMA
113.89
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
55
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
115.15 - 61.8% proj. of 107.77-113.90 fm 111.36
114.83 - Last Thur's 9-month peak
114.40 - Wed's high
Support
113.70 - Thur's European morning high (now sup)
113.14 - Y'day's low
112.88 - Mon's low
. USD/JPY - 114.05.. Dlr swung wildly in hectic Thur's session. Despite initial weakness to 113.14 in Asia, renewed yen-selling lifted price n the pair rose to 114.37 on intra-day selloff in eur/usd in NY n later moved sideways.
. Looking at the daily chart, dlr's early rally abv previous daily res 107. 49 to a 9-month peak of 114.83 last Thur confirms downtrend fm 2015 near 13-year peak at 125.86 has ended at 99.00 (Jun) n although rising daily technical indica tors signal price is en route twd 115.60 (61.8% r of 125.86-99.00), Mon's brief drop to 112.88 suggests a temporary top has been made. However, as dlr has risen again, indicating pullback is possibly over n abv 114.83 would extend said rise twd 115.60. Only a daily close below 102.88 would risk stronger retracement to 111.47, this is a 'minimum' 38.2% r of intermediate rise fm 106.03-114.83 n just abv said last week's low at 111.36 b4 prospect of another leg of upmove.
. Today, dlr's strg bounce fm 113.14 lends credence to our previous view the volatile trading fm 114.83 is developing into a 'triangle', as long as 114. 78 (b-leg top) holds, another strg retreat to 113.30/40 is likely b4 rebound n only below 112.88 (a-leg trough) aborts, risks correction to 120.40/50, 120.16.
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