DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 12 Nov 2015 00:12GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
122.94
55 HR EMA
122.98
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
123.61 - Mon's high
123.44 - Tue's high
123.21 - Y'day's high
Support
122.74 - Y'day's low
122.69 - Hourly chart
122.33 - 38.2% r of 120.26-123.61
. USD/JPY - 122.85... Dlr traded in volatile fashion on Wed. Price fell to 122.74 in Asia n staged a rebound to 123.21 in Europe but later ratcheted lower in holiday-thinned Nr American session to 122.82, then to 122.74 at Asian open.
. On the bigger picture, dlr's break of 121.74 res to as high as 123.61 on Mon has justified our recent bullish stance, as this move suggests correction fm 2015 near 13-year peak at 125.86 (Jun) has ended earlier at 116.15 (Aug) n last Thur's rise abv 121.74 confirms an 'upside break' of the 2-1/2 month sideways range has occured. Looking ahead, current rising daily technical indicators signal price is en route to 124.01 (bring 80.9% r of 125.86-116.15), then 124.63, a daily close abv there is needed to retain bullish scenario for further headway twd 125.86 in late Nov/early Dec. Therefore, buying dlr on dips is recommended n only below 121.51/52 may risk stronger correction to 120.60 b4 rebound.
. Today, despite intra-day weakness at Asian open, as we're taking the view decline fm Mon's high at 123.61 as corrective, reckon 122.50/55 would contain weakness n bring rebound, abv 123.21 woudl be 1st signal pullback is over n yield gain to 123.44, then 123.61. Only below 122.33/38 risks 122.01.
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