DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 20 Jan 2016 00:07GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
117.63
55 HR EMA
117.56
Trend Hourly Chart
Sideways
Hourly Indicators
Turning down
13 HR RSI
51
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
118.38 - Last week's (Wed) high
118.11 - Y'day's high
117.94 - Hourly chart
Support
117.31 - Y'day's NY low
117.01 - Hourly chart
116.51 - Last Fri's low
. USD/JPY - 117.62.. Despite initial knee-jerk reaction to release of down beat China GDP data y'day, rebound in Asian stocks triggered yen-selling, price rallied abv Mon's 117.44 high to 118.11 b4 coming off to 117.31 in NY session.
. Looking at the bigger picture 1st, dlr's break of previous Dec's 116.69 low to a fresh 4-/12 month trough of 116.51 last Fri suggests re-test of key daily sup 116.15, being reaction low of the major decline fm 2015 near 13-year peak at 125.86 (Jun) would be seen after current consolidation is over, break would yield further subsequent weakness to 115.57 (2014 Dec low) n later twd 113.31, being 50% r of the intermediate rise fm 100.76 would be seen. Current falling daily indicators add credence to this view n only abv 118.38 signals temporary low is made, risks stronger retracement twd 118.85.
. Today, dlr's intra-day sharp retreat fm 118.11 to 117.31 due to renewed weakness in U.S. stocks suggests the 1st leg of correction fm 116.51 has ended there n choppy consolidation with downside bias remains. however, a daily close below 117.01 sup needed to bring re-test of 116.51, then decline twd 116.15. We are holding a short position for 117.05 n only abv 118.11 risks 118.28/38.
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