DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 03 Mar 2016 00:05GMT
Trend Daily Chart
Down
Daily Indicators
Bearish divergences
21 HR EMA
113.76
55 HR EMA
113.59
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
114.88 - Reaction high fm 110.9 (Feb 26)
114.56 - Y'day's high
114.00 - Last Fri's high
Support
113.22 - Y'day's low
112.90 - Tue's NY low
112.38 - 61.8% r of 111.04-114.56
. USD/JPY - 113.55... Although dlr extended recent upmove in Asia due to rally in Asia stocks n climbed to a 2-week high of 114.56 after upbeat ADP jobs report, active buying in yen vs euro later knocked price down to 113.22.
. Looking at daily chart, despite dlr's resumption of MT fall fm 2015 near 13-year peak of 125.86 (Jun) to 110.99 in Feb, subsequent rebound to 114.88 signals a temporary low in made. Although price fell sharply to 111.04 last Wed, dlr's rebound to 114.00 on Fri, then to 114.56 y'day suggests further volatile consolidation abv 110.99 would continue, abv 114.88 anytime would bring stronger gain twd 115.97 (Jan's low, now res) where a break there would turn outlook bullish for a move twd 116.67 (38.2% r of 125.86-110.99). Failure to penetrate res at 114.88 n a drop below 111.90/98 sup would indicate said price action fm 110.99 is developing into a 'bearish triangle' n may yield 110.00 in mid-Mar.
. Today, despite dlr's intra-day recovery ahead of Asian open following Wed's cross-inspired selloff fm 114.56 to 113.22, as hourly indicators are falling, consolidation with downside bias is seen for weakness to 112.80 but 112.38 (61.8% r fm 111.04) should hold. Only abv 114.19 risks stronger gain twd 114.56.
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