DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 03 Sep 2015 22:50GMT
Trend Daily Chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
120.16
55 HR EMA
120.24
Trend Hourly Chart
Near term down
Hourly Indicators
Neutral
13 HR RSI
49
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
121.42 - Tue's high (AUS)
121.00 - 70.7% r of 121.74-119.22
120.70 - Y'day's high
Support
119.65 - Y'day's low
119.22 - Wed's low
118.92 - Last Thur's low
. USD/JPY - 120.33.. Despite extending recovery fm Wed's 119.22 low to 120.70 in Asia, dlr came under renewed selling pressure on cross-buying in yen, the pair fell to 119.65 b4 rebounding in NY due to broad-based rally in the usd.
. On the daily chart, although dlr resumed early 3-legged fall fm Jun's year 13-year peak of 125.86 to as low as 116.15 last Mon due to active-buying of yen on risk aversion, subsequent rally back abv 120.42 (prev. sup) on continued rebound in global stocks to as high as 121.74 on Fri suggests aforesaid strg correction has ended n gain to 122.15, being a 'dynamic' 61.8% r of 125.86-116.15) is envisaged later this month. Having said that, dlr's this week's sharp retreat due to initial stock market rout signals near term downside bias remains for weakness to 118.78 but reckon 118.16 would hold, being 50% r n 61.8% r respectively n yield subsequent rebound.
. Today, y'day's rebound to 120.70 signals decline fm 121.74 has made a temporary low at 119.22 n sideways trading is seen ahead of U.S. jobs data, below 119.65 would extend said fall twd 118.95 but 118.29 (61.8% r fm 116.15) should hold. Abv 121.00 signals pullback over n risks 121.42, then 121.70/74.
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