WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 21 Dec 2014 23:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
119.38
55 HR EMA
118.95
Trend Hourly Chart
Near term up
Hourly Indicators
Bearish divergences
13 HR RSI
61
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
120.20 - Dec 08 low
119.93 - Dec 10 high
119.66 - Intra-day high (NZ)
Support
119.04 - Hourly chart
118.84 - Fri's NY low
118.26 - Y'day's European sup
. USD/JPY - 119.54 ... Dlr swung fm loss to gain in last week's roller-coaster session. Price met renewed selling at 119.06 on Mon n penetrated 117.45 sup due to broad-based buying of yen on risk aversion, buying interest at 115.57 quickly lifted dlr n the pair later rallied back to as high as 119.62 on Fri.
. Looking at the bigger picture, dlr's aforesaid strg rebound suggests correction fm Dec's fresh 7-year peak at 121.85 has ended there n consolidation with upside bias is envisaged in this holiday-shortened X'mas week, a daily close abv 120.20 (previous sup, now res) wud encourage for further headway twd pivotal res at 121.00, break wud bring re-test of 121.85, then twd 123.89 later this month or in Jan 2015, this is 50% proj. of MT intermediate rise fm 105.20-121.85 measured fm 115.57. Having said that, as daily technical indicators wud display prominent 'bearish divergences' on such move, reckon 125.86 (61.8% proj. fm 115.57) wud remain intact. On the downside, below 117.76 wud prolong choppy consolidation n may risk weakness to 116.25, then twd 115.57.
. Today, as long as 118.84 sup holds, up move fm 115.57 wud head twd 119.90/00, 'bearish divergences' on hourly indicators wud cap dlr at 120.20.
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