DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 30 Sep 2016 00:14GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
101.20
55 HR EMA
101.03
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
51
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
102.06 - Last Tue's high
101.84 - Y'day's high
101.35 - Prev. hourly sup (now res)
Support
100.84 - Y'day's NY low
100.45 - Wed's NY low
100.09 - Tue's 1-month low
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USD/JPY - 101.20.. Dlr took centre stage in Thur's trading. Price rose ahead of Asian trading on active yen-selling n climbed to 101.75 in Europe, then 101.84 in NY b4 tumbling to 100.84 on active yen-buying over DB concerns.
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On the daily chart, dlr's rally fm Jun's 2-1/2 year low at 99.00 to 107.49 (Jul) confirms MT decline fm 2015 near 13-year peak at 125.86 has formed a temp. low there n despite a steep drop back to 99.54 in Aug, subsequent rally to 104.32 at the start of this month suggests the volatile price action fm 99.00 is possibly developing into a 'triangle' (a-leg top at 107.49 n b-leg bottom at 99.4). The rally to Sep's 104.32 high marks the top of c-leg upmove, then erratic fall to 100.10 last Thur is d-leg. Y'day's rally abv 101.24 to 101.84 signals the final e-leg upmove is in progress n wud head twd 102.70 (61.8% r fm 104.32) but reckon res 103.36 would cap upside. Only below 100.45 signals top, 100.09.
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Today, as dlr's intra-day cross-inspired selloff fm 101.84 to 100.84 in NY session signals 1st leg of correction fm 100.09 has ended there, consolidation with initial downside bias remains for marginal weakness, reckon 100.45 would hold n bring subsequent rebound. Abv 101.84 would extend twd 102.20.
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