DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 07 Jan 2016 00:06GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
118.60
55 HR EMA
118.91
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Consolidation with mild upside bias
Resistance
119.70 - Tue's high
119.28 - Tue's NY high
118.82 - Hourly res
Support
118.25 - Y'day's 11-week low
118.06 - 2015 Oct low
117.61 - 80.9% r of 116.15-12.77
. USD/JPY - 118.50.. Dollar continued its recent losing streak n fell to a fresh 11-week low of 118.25 on further fall in the Chinese CNY n geopolitical tension after N. Korean nuclear test. Dlr recovered to 118.77 in NY b4 easing.
. Looking at the daily chart, dlr's early breach of 120.35 sup to 118.25 y'day confirms the 3-legged fall fm Nov's 12-week peak at 123.77 to correct MT rise fm 116.15 (Aug) has once again resumed n price shud head to to 118.06, this is 2015 Oct's low n 61.8% r respectively of aforesaid upmove fm 116.15. Having said that, as the daily oscillators' readings would be in oversold territory on such move, a daily close below 118.06 needed to retain bearishness for weakness to 117.61 (80.0% r fm 116.15) n possibly twd 116.73 (being 2 times extension of 123.77-120.35 measured fm 123.57) later. On the upside, only a daily close abv 120.65 confirms aforesaid decline has made a low, yields gain to 122.21/26.
. Today, as y'day's 118.25 low was accompanied by 'bullish convergences' on the hourly indicators, abv res 118.77/82 would bring a much-need retrace. twd 119.17 but res at 119.70 should hold n yield another fall later. On the downside, below 118.25 would risk weakness twd 118.06 sup but 117.61 should hold.
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