DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 10 Sep 2014 00:02GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
106.17
55 HR EMA
105.87
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more rise
Resistance
106.96 - 2.618 times ext. of 101.07-103.15 fm 101.51
106.61 - 50% proj. of 93.75-105.45 fm 100.76
106.47 - Y'day's fresh near 6-year high
Support
105.95 - Y'day's low (AUS)
105.71 - Last Fri's high, now sup
105.23 - Mon's Asian high
. USD/JPY - 106.14 ... The greenback maintained a firm undertone on Tue n rose to 106.39 in European morning, then later to a fresh 6-year high of 106.49 in NY due to dollar's broad-based strength but weakness in the U.S. stocks triggered profit-taking in the dlr, knocking the pair to 106.04 near NY close.
. Looking at the hourly n daily charts, dlr's early rally abv Jan's 105.45 peak to 106.47 y'day signals the LT uptrend fm record low at 75.32 (Nov 2011') remains in force n marginal gain to 106.61 (being 50% projection of the intermediate rise fm 93.75-105.45 proj. fm 100.76) is likely after minor consolidation, however, as hourly technical indicators' readings have already displayed 'bearish divergences', reckon 107.06 (being 50% projection of 77.13-103.74 measured fm 96.73) wud hold on 1st testing n yield a 'much-needed' minor correction. On the downside, only below last Fri's 104.69 low signals temp. top is in place.
. Today, expect initial consolidation with mild downside bias b4 prospect of marginal rise. So buying on dips is still favoured n only below 105.71 (last Fri's high, now sup) confirms a temporary top is made n may risk a stronger retracement twd 105.23 but pivotal sup at 104.69 is expected to remain intact.
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