DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 16 Feb 2016 00:08GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
114.21
55 HR EMA
113.76
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
60
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
115.54 - Last Tue's European high
115.00 - Psychological
114.73 - Y'day's high
Support
114.10 - Hourly res (now sup)
113.60 - Mon's Euroepan low
113.17 - Last Fri's NY morning high (now sup)
. USD/JPY - 114.38.. The greenback started the week with a firm undertone as rally in Asian stocks (except China) boosted risk sentiment, triggering broad-based selling in yen, price ratcheted higher to 114.10 in Asia n later 114.73.
. Looking at the bigger picture 1st, although dlr's breach of Jan's 115.97 ow (now res) confirms MT downtrend fm 2015 near 13-year peak at 125.86 (Jun) has resumed, subsequent stronger-than-expected rebound fm last Thur's 15-month trough at 110.99 n then y'day's rally abv 114.21/26 (prev. res) to 114.73 signals a temporary low has been made n choppy consolidation with upside bias is in store this week. As long 113.27 (reaction high fm 110.99) holds, further gain to 115.08 is envisaged, being a 'minimum' 38.2% r of intermediate fall fm 121.70 to 110.99, only abv 115.97 would suggest aforesaid correction fm 125.86 is over. A daily close below 113.27 may suggests retracement is over n yield 110.99 later.
. Today, despite dlr's rally to 114.73 near N. American close, intra-day retreat ahead of Asian open suggests consolidation is in store with downside bias, below 114.10 would bring stronger retrace. to 113.60 but 113.17/27 should contain weakness. Only abv 114.73 extends to 115.00 but 115.20 would cap upside.
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