DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 15 Mar 2016 00:06GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
113.75
55 HR EMA
113.64
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Marginal rise b4 retreat
Resistance
114.88 - Feb 16 high
114.56 - Mar 02 high
114.20 - 50% proj. of 112.61-114.01 fm 113.51
Support
113.51 - Y'day's low
113.34 - Last Fri's NY low
112.61 - Last Thur's low
. USD/JPY - 113.78... Dlr spent a lack lustre day on Mon moving sideways. Despite initial marginal gain to 114.01 on gain in Asian stocks, price ratcheted lower on cross-buying in yen to 113.51 in Europe b4 moving narrowly in NY.
. Looking at the bigger picture, as indicated previously, dlr's 4-week long daily swings after resumption of MT fall fm 2015 near 13-year peak of 125.86 (Jun) to 110.99 in Feb suggest said decline has formed a temporary low there n the subsequent volatile price action is unfolding into a bearish 'triangle' with a-leg top at 114.88, b-leg trough at 111.04 n the rise to 114.56 marked the c-leg terminus. If this bearish scenario holds true, dlr's MT downtrend should resume in late Mar to psychological target at 110.00, then 109.52 (50% proj. of 121.70-110.99 measured fm 114.88). Only a break abv 114.88 would invalidate bearishness on dlr n risk stronger correction twd 115.97.
. Today, as price has edged higher after meeting renewed buying abv 113.51 sup in NY, intra-day upside bias is seen for gain to 114.20 but 114.45 should hold n yield decline later today or tom. Therefore, intra-day trader can buy dlr on dips whilst day trader should sell on upmove. Below 113.34, 112.90/00.
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