WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 26 Jul 2015 23:14GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
123.83
55 HR EMA
123.88
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Choppy consolidation with downside bias
Resistance
124.62 - Jun 10 high
124.48 - Tue's high
124.19 - Last Thur's high
Support
123.57 - Last Wed's low
123.25 - Hourly chart
122.92 - Jul 14 low
. USD/JPY - 123.79... Although dlr continued its recent winning streak last week n climbed to a 5-week high of 124.48 on Tue b4 coming off on hawkish comments fm BoJ Gov. Kuroda to 123.76, then to 123.57 Wed b4 moving sideways.
. Looking at the bigger picture, although dlr's rally fm 120.42 (Jul low) to as high as 124.48 last week confirms early correction fm Jun's near 13-year peak at 125.86 has ended there, subsequent retreat to 123.57 on Wed suggests a temp. top has been made, therefore, consolidation with downside bias is in store , below 123.57 would pressure price to 122.93 but 122.45, being 38.2% r n 50% r retracements respectively of aforesaid rise, would contain weakness. Therefore, position takers should buy dlr on dips. On the upside, a break abv res 125.00/07 anytime would signal correction has ended n yield re-test of 125.86 in Aug, abv there would extend LT uptrend fm 2011 record low of 75.32 to 126.78, this is 61.8% proj. of the intermediate upmove fm 115.57 to 125.86 measured fm 120.42.
. Today, Fri's intra-day decline fm 124.10 (Europe) to 123.60 in NY suggests consolidation with downside bias would be seen, below 123.57 would extend decline fm 124.48 to 122.25 but sup at 122.92 should remain intact.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.