DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 23 Oct 2014 00:11GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
107.11
55 HR EMA
106.98
Trend Hourly Chart
Near term up
Hourly Indicators
Neutral
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
One more rise b4 strg retreat
Resistance
107.65 - 50% r of 110.09-105.20
107.49 - Last Wed's high
107.39 - Mon's high
Support
106.79 - Y'day's low
106.58 - Tue's NY low
106.25 - Tue's low
. USD/JPY - 107.18 ... Despite y'day's initial retreat fm Australian high at 107.11 to 106.79 in European morning, the greenback ratcheted higher n then rose to a session high at 107.38 in NY morning after release of slightly higher-than-expected U.S. inflation data b4 easing due to retreat in U.S. equities.
. Dlr's rise fm Tue's low at 106.25 to 107.38 suggests early pullback fm Mon's high at 107.39 has indeed ended there n despite subsequent retreat in NY y'day, downside wud be ltd to 106.79 n as long as said Tue's 106.25 low holds, consolidation abv last Wed's 5-week trough at 105.20 wud continue with mild upside bias for further headway to 107.65 (50% r of 110.09-105.20), however, as hourly indicators wud display 'bearish divergences' on such move, 108.01 (prev.sup, now res) wud cap upside n yield resumption of decline fm Oct's 6-year peak at 110.09later this month, present 'falling' daily indicators (macd has cut below the zero line) add credence to this bearish view.
. In view of abv analysis, buying dlr on dips in anticipation of another corrective rise twd 107.65 is still favoured but position traders shud sell dlr on next upmove. Below 106.25 signals recovery is over, risks re-test of 105.20.
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