DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 18 Jul 2014 00:14GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
101.35
55 HR EMA
101.48
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
44
14 HR DMI
-ve
Daily Analysis
Possible resumption of recent fall
Resistance
102.27 - Jun 18 high
101.79 - Wed's high
101.44 - Wed's low
Support
101.07 - Last Thur's low
100.76 - 2014 low (Feb 04)
100.00 - Psychological
. USD/JPY - 101.21... Despite extending early upmove fm last Thur's 6-week low of 101.07 to 101.79 on Wed, dlr came under pressure at Asian open due to broad-based buying of yen. News of downing of a Malaysian aircraft in Ukriane knocked the greenback to 101.17 in NY afternoon, the to 101.09 in Australia.
. On the daily picture, as dlr has fallen again after staging a strg rebound fm last Thur's 6-week low of 101.07 to 101.79 on Wed, subsequent cross-inspired weakness suggests re-test of 101.07 wud be forthcoming soon, a break there wud pressure dlr twd 2014 trough at 100.76 (Feb low), a daily close below there wud signal a 'downside break' of the near 7-month long broad sideways trading has taken place, then further weakness to 100.00 n 99.60 (50% r of 93.75-105.45) wud follow later this month. Failure to penetrate 100.76 n subsequent rise abv 101.79 wud retain previous broad consolidative view, dlr will later ratchet higher twd 102.27 later next week.
. Today, as yen remains firm across the board due to safe-haven demand, selling dlr on intra-day recovery for 100.80 is cautiously favoured n only abv 101.79 aborts bearishness, risks subsequent headway twd 102.00/05.
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