DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 18 Dec 2015 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
121.53
55 HR EMA
121.20
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
49
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
123.77 - Nov's 12-week high (18th)
123.09 - Last Wed's NY high
122.88 - Y'day's high
Support
122.22 - Y'day's Euroepan low
121.91 - 38.2% r of 120.35-122.88
121.38 - Tue's low
. USD/JPY - 122.46.. Dlr continued Wed's post-FOMC rally y'day n climbed to 122.64 in Asia, despite intra-day pullback to 122.22, renewed buying emerged n pushed price to session highs of 122.88 in NY b4 retreating in NY afternoon.
. Looking at the daily chart, despite dlr's weakness to 120.35 on Mon, subsequent strg rebound due to renewed usd's broad-based strength confirms erratic fall fm Nov's 12-week peak at 123.77 has ended there n consolidation with upside bias remains for further gain to 123.09/12, being previous chart res n 80.9% r of 123.77-120.35, a daily close abv there would retain bullish prospect of a retest of 123.77 later this month. Therefore, in view of dlr's sudden change in direction fm decline fm 123.68 at the start of this month to strg rally which commenced at this Mon's 5-week low at 120.35, buying the pair again on dips is the way to go n only below 121.38 would dampen near term bullishness.
. Today, dlr's retreat in NY afternoon due to a late decline in US stocks suggests a temp. top has been made n consolidation with initial downside bias is seen in Asia, reckon 122.22 would hold n yield marginal rise but as hourly indicators would display 'bearish divergences' on next rise, 123.09 should hold.
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