WEEKLY USD/JPY TECHNICAL OUTLOOK
Last Update At 29 Aug 2016 01:36GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
100.96
55 HR EMA
100.67
Trend Hourly Chart
Near term up
Hourly Indicators
Over bought
13 HR RSI
82
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
102.66 - Aug 08 high
102.27 - Aug 12 high
102.14 - Intra-day high
Support
101.17 - Aug 17 high (now sup)
100.93 - Last Mon's high (now sup)
100.62 - Last Thur's high (now sup)
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USD/JPY - 101.81... Dlr initially rose to 110.93 last Mon n retreated to 99.94, price swung sideways in next few days b4 jumping to 101.93 on Fri in NY session after hawkish comments by Fed's Yellen n Fischer.
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On the bigger picture 1st, although dlr's fall fm 107.49 (Jul's high) to 99.54 in mid-Aug signals correction fm Jun's 29-month bottom at 99.00 has ended there, however, as the 2-week long daily sideways swings ended with an upside break to 101.93 on Fri, suggesting further volatile trading abv 99.00 would continue n as hourly technical indicators are rising strongly, upside bias remains for gain to 102.58, being 38.2% r of 107.49-99.54, abv would extend to 103.52 (50% r), however, reckon 104.45 (61.8% r) would cap upside n yield decline. On the downside, a daily close below 100.93 would signal correction is over n yield weakness to 100.09, a daily close below there needed to re-test 99.00.
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Today, as current price is trading well abv the 21-hr n 55-hr emas, suggesting intra-day upside bias remains for further gain, however, as hourly oscillators' readings are in o/bot territory, reckon res at 102.66 should remain intact n only below 101.17 (prev. res, now sup) signals temp. top made, 100.62.
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