DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 25 Oct 2016 00:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
103.13
55 HR EMA
102.99
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
65
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
105.16 - 70.7% r of 107.49-99.54
104.64 - Last Thur's 2-month high
104.38 - Intra-day high (AUS)
Support
103.72 - Y'day's low
103.34 - Last Thur's low
103.17 - Last Tue's low
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USD/JPY - 104.32.. Dlr moved sideways initially in Asia on Mon n despite a brief dip to 103.72 at European open, price rose in NY morning after upbeat US data, dlr later climbed to session high of 104.32, then 104.38 in Asia today.
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On the bigger picture, despite dollar's resumption of downtrend fm 2015 near 13-year peak of 125.86 to a 2-1/2 year low at to 99.00 in Jun, subsequent broad sideways move inside a 4-month long broad range of 99.00-107.49 suggests choppy swings inside this range would continue. Having said that, dlr's rally to 104.64 in mid-Oct suggests consolidation with upside bias remains due to expect- ed broad-based usd's strength n gain to 105.16, then twd 105.97 (being 70.7% r n 80.9% r respect. of 107.49-99.54) would be seen, current rising daily indicators add credence to this view but abv 107.49 needed to retain bullishness for furth- er gain to 108/109 in Nov. A daily close below 102.81 would risk 101.40/50.
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Today, dlr's anticipated gain to 104.20 on Mon has retained our weekly bullish stance n buying the pair again on dips for further gain twd 105.11/16 is seen after consolidation, however, as hourly indicators would display 'bearish divergences' reckon 105.16 would hold. Only below 103.72 risks 103.52, 103.34.
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