DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 06 May 2016 00:02GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
107.20
55 HR EMA
107.04
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
108.73 - Last Thur's NY high
107.88 - Last Thur's low (now res)
107.50 - Y'day's high
Support
106.25 - Wed's NY low
105.55 - Tue's fresh 18-month low
105.20 - 2015 Oct low (15th)
. USD/JPY - 107.28... Dlr edged higher fm 106.88 y'day to 107.40 in Europe n briefly dropped to 106.80 (NY) after downbeat U.S. jobless claims but only to rally to session highs of 107.50 following yen-comment by Japan's PM Shinzo Abe.
. On the bigger picture, although dlr's break of previous Apr's 107.63 low to an 18-month trough at 105.55 on Tue confirms MT fall fm 2015 near 13-year top at 125.86 (Jun) to correct the entire LT uptrend fm 2011 record bottom at 75.32 has once again resumed n price is en route twd 100.59 (50% r) in Jun/Jul after consolidation. Ahead of today's key U.S. jobs data, as long as res 108.73 holds, choppy trading with downside bias remains, however, break of 105.55 needed to extend weakness to 105.20, then 104.88, being 2015 Oct 14 low n 50% projection of 121.70-107.63 measured fm 111.91 respectively. Having said that, as the daily n hourly indicators have displayed 'bullish convergences', 104.88 would hold on 1st testing n only abv 108.73 would signal a temporary low is made, risk 110.67.
. Today, y'day's intra-day breach of 107.47 to 107.50 suggests further choppy trading above Tue's 105.55 low would continue ahead of U.S. NFP n abv 107.50 would yield 107.88, then 108.20. Below 107.25 yields 105.55, 105.20. _20160506072928.png)
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