DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 02 Sep 2014 23:52GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
104.97
55 HR EMA
104.63
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
84
14 HR DMI
+ve
Daily Analysis
Resumption of recent up move
Resistance
106.26 - 1.618 times ext. of 100.76-104.13 fm 100.81
105.91 - 2.618 ext. of 103.56-104.25 fm 104.10
105.45 - Jan 02 5-year high
Support
104.78 - Tue's European low
104.49 - last Mon's NZ high (Reuters)
104.10 - Mon's European low
. USD/JPY - 105.24 ... The greenback jumped shortly after Tokyo open on Tue on speculation PM Abe will appoint a minister who will increase the national pension fund twd riskier assets led to rally in the Nikkei. Price climbed to a fresh 8-month high of 105.21 in NY morning after the release of stronger-than-expected U.S. ISM manufacturing PMI data. Dlr then rose to 105.27 in Aust. Wed.
. Looking at the hourly n daily charts, y'day's rally after early breach of Apr's 104.13 high confirms an 'upside break' of the 7-month long broad sideways consolidation fm Jan's 5-year peak at 105.45 has indeed taken place n a breach of aforesaid 2014 high at 105.45 will be forthcoming soon to confirm LT rise fm 75.32 (2011 record low) has finally resumed n yield further gain to 106.26 (being 1.618 times extension of 100.76-104.13 measured fm 100.81) n later twd 107.06, this is 50% proj. of 77.13-103.74 fm 96.73). On the downside, only a breach of 104.13 (Apr's high, now sup) wud signal a temporary top is made n risk stronger pullback to 103.81 but sup at 103.56 is expected to remain intact.
. In view of abv analysis, buying dlr again on dips in anticipation of a re-test of 105.45 res is favoured. Only a breach of 104.49 indicates top, 104.10.
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