WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 13 Dec 2015 23:25GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
121.24
55 HR EMA
121.59
Trend Hourly Chart
Down
Hourly Indicators
Bullish
13 HR RSI
41
14 HR DMI
-ve
Daily Analysis
Consolidation b4 with downside bias
Resistance
122.26 - Nov 25 low (now res)
121.64 - Last Fri's NY high
121.25 - Last Thur's low (now res)
Support
120.58 - Last Fri's 5-week low
120.02 - Oct 28 low
119.62 - Oct 22 low
. USD/JPY - 121.06.. Dlr ratcheted lower last wk on buying of yen on risk aversion due to fall in global stocks. Price tanked to 121.07 Wed on broad-based usd's weakness b4 rebounding to 122.23 on Fri but only fall to 120.58 in NY.
. Let's look at the bigger picture 1st, dlr's breach of 122.26 sup last week to as low as 120.58 Fri confirms erratic rise fm 116.15 (Aug low) has made a top at Nov's 12-week peak at 123.77 n consolidation with downside bias remains for weakness to 120.20/30 next, n probably twd 119. 96 (being 50% r of 116.15-123.77 ). Therefore, selling dlr on recovery in anticipation of resumption of decline fm 123.77 to indicated obj. is recommended. On the upside, only a daily close abv abv 122.30 (prev. sup, now res) would dampen current bearish scenario on dlr n may risk stronger gain to 123.09 but 123.48 should hold.
. Today, despite Fri's selloff in NY session to a fresh 5-week trough of 120.58, subsequent minor rebound suggests consolidation is in store in Asia n marginal recovery is likely, reckon 122.23 should remain intact n yield resumption of downtrend to 120.20/30 but 'bullish convergences' on hourly indicators should keep price abv 119.96/02.
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