DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 23 Dec 2015 23:52GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
120.94
55 HR EMA
121.06
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
52
14 HR DMI
-ve
Daily Analysis
Initial recovery b4 one more fall
Resistance
122.35 - Prev. hourly sup (now res)
121.76 - Last Fri's NY high
121.51 - Mon's high
Support
120.72 - Tue's low
120.58 - Last Tue's low
120.35 - Last week's low (Mon)
. USD/JPY - 120.96.. Dollar spent an uneventful day y'day due partly to holiday closure of Japanese financial markets. Price edged higher to 121.14 in Asia n retreated to 120.82 in NY b4 staging a rebound on gain in U.S. stocks.
. Looking at the daily chart, despite dlr's rebound fm last Mon's 120.35 low to 123.59 (Reuters) on Fri, subsequent intra-day selloff to 121.06, then 120.84 on Mon suggests choppy trading below Nov's 12-week peak at 123.77 would continue with downside bias, below 120.35 would bring stronger retracement of early rise fm 116.15 (Aug) to 119.96, being 50% r of aforesaid upmove, however, reckon 'dynamic' 61.8% r at 119.06 would contain weakness n bring rebound in late Dec/early Jan 2016. Therefore, selling dlr on recovery for further fall to indicated target is favoured n only abv 122.88 would abort bearish scenario.
. Today, consolidation with initial upside bias is seen as indicated Tue's 120.72 low was accompanied by prominent 'bullish convergences' on the hourly oscillators, abv 121.14 would add credence to this view n bring stronger gain to 121.50/51, however,reckon
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