DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 31 Dec 2015 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
120.52
55 HR EMA
120.49
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
50
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to contionue
Resistance
121.14 - Last Wed's high
120.72 - Last Tue's low (now res)
120.65 - Y'day's high
Support
120.05 - Last Fri's 7-week low (Tokyo)
119.96 - 50% r of 116.15-123.77
119.62 - Oct 22 low
. USD/JPY - 120.51.. The pair climbed to 120.58 ahead of Asian open y'day n then retreated to 120.35 on cross-buying in yen but renewed buying at 120.35 lifted price n dlr later ratcheted higher to session peak of 120.65 in NY.
. Let's looking at the bigger picture 1st, last week's breach of 120.35 sup confirms early decline fm Nov's 12-week peak at 123.77 to correct the medium-term rise fm 116.15 (Aug) has once again resumed n price is now en route to 119.96 n later twd 119.06, being 50% r n 61.8% r respectively of aforesaid upmove fm 116.15. Having said that, as daily oscillators' readings would be in oversold territory on such move, reckon pivotal sup at 119.06 (Oct's bottom) would remain intact n bring strg bounce in mid-Jan. Therefore, whilst selling dlr on recovery is favoured, profit should be taken on decline. On the upside, a daily close abv 120.72 would be the 1st signal temp. low is made n yield gain twd 121.51.
. Today, although dlr's cross-inspired brief rise abv Mon's 120.63 high to 120.65 in NY y'day suggests choppy trading abv last Fri's 7-week trough at 120.05 would continue, below nr term sup at 120.35 needed to bring re-test of 120.05 but 119.62 should hold. Abv 120.72 would yield stronger retracement twd 121.14.
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