DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 03 Dec 2015 00:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
123.23
55 HR EMA
123.10
Trend Hourly Chart
Near term up
Hourly Indicators
Turning down
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
124.14 - 50% proj. of 120.02-123.77 fm 122.26
123.77 - Nov high (18)
123.67 - Y'day's high
Support
122.94 - lasr Wed's high
122.64 - Y'day's low
122.26 - Last Wed's low
. USD/JPY - 123.26... Although dlr ratcheted higher in Asia on Wed due to cross-selling in yen, price rose abv 123.34 res in NY on upbeat ADP jobs data n hit session high of 123.67 on Fed chair Yellen's hawkish comments b4 retreating.
. On the bigger picture, dlr's rally to a 12-week high of 123.77 in Nov signals correction fm 2015 near 13-year peak at 125.86 (Jun) has ended earlier at 116.15 (Aug low). Having said that, despite y'day's gain to 123.67, subsequent retreat suggests further sideways consolidation inside early broad range of 123.77-122.26 would continue. As long as previous good sup 122.21/26 holds, outlook remains bullish for further headway to 124.58, being 61.8% project. of intermediate rise fm 120.02-123.77 measured fm 122.26 (adjust this lvl if dlr moves briefly below this lvl), abv there needed to retain bullish scenario for further headway twd 125.86. On the downside, only a daily close below 122.21/26 would risk stronger correction twd 121.48/58 b4 rebound.
. Today, dlr's intra-day selloff fm 123.67 to 123.10 in NY session signals choppy trading below Nov's 123.77 would continue with near term downside bias, however, reckon 122.26/30 would hold n n yield another rebound later.
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