DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 02 Nov 2015 23:52GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
120.66
55 HR EMA
120.66
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
59
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
121.51 - Last Mon's high (AUS)
121.26 - Last Thur's high
120.88 - 50% r of 121.48-120.28
Support
120.26 - Y'day's low
120.02 - Last Thur's low
119.62 - Oct 22 low
. USD/JPY - 120.75... Although dlr opened lower to 120.28 in NZ on Mon n then briefly dropped to 120.26 in Asia, renewed buying interest due partly to cross-selling in yen lifted price to 120.70 in Europe n then 120.81 in quiet NY.
. Looking at the bigger picture, despite last week's roller-coaster moves, broad outlook remains the same as previous update. Dlr's early rally fm Oct's trough at 108.06 to 121.51 last Mon suggests re-test of previous res at 121.74 would be forthcoming soon where a break there would confirm upmove fm 116.15 (Aug low) to correct the entire fall fm 2015 near 13-year peak at 125.86 (Jun) would head to 122.15 (61.8% r), abv there would encourage for gain twd 123.47, being equality measurement of 116.15-121.74 projected fm 118.06 later this month. Therefore, buying dlr on dips in anticipation of gain to aforesaid targets is recommended after initial choppy consolidation. On the downside, only a daily close below 119.62 would risk weakness twd 119.00/10 b4 prospect of rebound.
. Today, range trading is expected as Japan's financial markets are closed for holiday. Despite intra-day rise, price should 'gyrate' inside recent broad range of 121.51-120.02, so trading fm both sides of the market is recommended._20151103063531.png "yen")
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