WEEKLY USD/JPY TECHNICAL OUTLOOKLast Update At 08 Nov 2015 23:25GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
122.75
55 HR EMA
122.81
Trend Hourly Chart
Up
Hourly Indicators
Overbought
13 HR RSI
81
14 HR DMI
+ve
Daily Analysis
Resumption of recent upmove
Resistance
124.01 - 80.9% r of 125.86-116.15
123.79 - Aug 12 low (now res)
123.47 - 100% proj. of 118.06-121.351 fm 120.02
Support
122.69 - Hourly chart
122.38 - 50% r of 121.50-123.27
122.01 - Last Thur's high (now sup)
. USD/JPY - 123.30... Dlr continued its recent winning streak n climbed for 5 consecutive days last week, upmove 'accelerated' on Fri after release of a surprise jump in U.S. payrolls, the pair rallied to a 10-week peak of 123.27.
. On the bigger picture, dlr's break of 121.74 res to as high as 123.27 last Fri has justified our recent bullish stance, as this move suggests correction fm 2015 near 13-year peak at 125.86 (Jun) has ended earlier at 116.15 (Aug) n last Thur's rise abv 121.74 confirms an upside break of the 2-1/2 month sideways range has occured. Looking ahead, current rising technical indicators signal price is en route to 124.01 next (bring 80.9% r of 125.86-116.15), then 124.63, a daily close abv there is needed to retain bullish scenario for further headway twd 125.86 in late Nov/early Dec). Therefore, buying dlr on dips is the day to go n only below 121.51/52 may risk retracement to 120.60 b4 rebound.
. Today, despite Mon's gain to 123.34, minor consolidation is envisaged in Asian session n pullback to 121.90/00 may be seen, however, reckon 122.69 would contain weakness n yield one more rise n only below 122.01 would abort daily bullishness on dlr.
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