Weekly Technical Outlook on Major – USD/JPY: April 21, 2014

  WEEKLY USD/JPY TECHNICAL OUTLOOK
Last Update At 20 Apr 2014          23:17GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
102.41

55 HR EMA
102.31

Trend Hourly Chart
Near term up

Hourly Indicators
Bearish divergences

13 HR RSI
68

14 HR DMI
+ve

Daily Analysis
Marginal rise b4 retreat

Resistance
103.00 - Apr 7 low, now res
102.74 - Prev. sup, now res
102.57 - Las Fri's high

Support
102.02 - Last Mon's high, now sup
101.50 - Las Tue's low
101.32 - Apr 11 low


. USD/JPY - 102.50... Although dlr was under pressure initially last week
as renewed geopolictical tensions in the Ukraine triggered risk-aversion buying
of yen, subsequent rally in Nikkei n global stocks after tension eased boosted
risk appetite, dlr later rebounded to 102.57 in Tokyo morning on Fri.

. Looking at the daily picture, although dlr's decline fm 104.13 (Apr's
high) to 101.32 suggests choppy trading below Jan's 5-year peak at 105.45 wud
continue, last week's erratic rise to 102.57 signals aforesaid fall has made a
low there n broad sideways move wud continue with initial upside bias, however,
a daily close abv 103.06 (being 'dynamic' 61.8% r of 104.13-101.32 is needed to
retain bullish prospect of further headway to 103.77, however, break there wud
yield gain twd 104.13. On the downside, below 101.86 anytime wud be the 1st
signal correction is over n yield weakness twd previous good sup at 101.20/21,
break wud bring re-test of key sup at 100.76 (Feb's reaction low fm 105.45).

. Today, as dlr hs maintained a steady undertone ahead of Asian open, intra
-day upside bias remains for gain twd 103.00/06, reckon 103.30 wud cap upside.
Below 102.02 anytime wud be 1st signal top is in place n yields 101.81/86.