DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 30 Jun 2015 00:12GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
122.72
55 HR EMA
123.05
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
44
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
124.46 - Jun 17 high
123.99 - Last Fri's high
123.19 - Y'day's high
Support
122.10 - Y'day's low
121.49 - May 20 high (now sup)
121.31 - 61.8% r of 118.50-125.86
. USD/JPY - 122.70... Despite Mon's gap-down open to a 1-month low of 122.10 on risk aversion, dlr staged a strg rebound to 123.19 in Asia n then retreated to 122.32 b4 rebounding to 123.07 in Europe. Dlr later fell to 122.40 in NY.
. On the bigger picture, y'day's brief break of previous 122.47 low (reaction low fm 125.86) to 122.10 confirms early decline fm Jun's near 13-year peak at 125.86 has resumed. Despite subsequent bounce to 123.19, as long as res at 123.99 holds, downside bias remains for a stronger retracement of recent uptrend to 121.93 n later twd 120.72, being 38.2% r n 50% r respectively of the intermediate rise fm 115.57 to 125.86. Therefore, selling dlr on recovery in anticipation of further weakness to indicated downside targets is favoured this week. On the upside, only a daily close abv 123.99 wud signal correction fm 125.86 has possibly ended, then risk wud shift to the upside for stronger gain to 124.62 res, break wud yield further headway to 125.00.
. Today, as current price is trading below the 21-hr & 55-hr emas, selling dlr on intra-day recovery is favoured but below 122.03/10 sup needed to extend subsequent weakness to 121.70/80.
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