DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 03 Feb 2016 00:02GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
120.31
55 HR EMA
120.47
Trend Hourly Chart
Near term down
Hourly Indicators
Oversold
13 HR RSI
25
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
121.17 - Hourly chart
120.86 - Y'day's European high
120.36 - Y'day's Asian low (now res)
Support
119.51 - 38.2% r of 115.97-121.70
119.08 - Last Wed's high (now sup)
118.84 (50% r of 115.97-121.70)
. USD/JPY - 119.80.. Dlr ratcheted lower to 120.36 in Asia y'day on cross- buying in yen, despite a rebound to 120.86 (Europe), continued fall in oil price n weakness in the Dow pressured price to 119.82, then 119.69 in Australia today.
Looking at the bigger picture, although last Fri's rally to a 1-month high of 121.70 after surprise BoJ's negative rate decision signals major correct ion fm 2015 near 13-year peak at 125.86 (Jun) has ended at Jan's 1-year trough at 115.97, subsequent sideways trading below said res n y'day's decline suggests aforesaid rise fm 115.97 has formed a temporary top there n further 'sideways swings' are expected ahead of Fri's key U.S. jobs report n weakness to 119.51 is envisaged, reckon 118.84 would hold fm here, being 38.2% r n 50% r respectively of said entire rally fm 115.97. On the upside, abv 121.70 would encourage for gain to 122.08 (61.8% r of 125.86-115.97), then twd 123.77 later this month.
Today, as dlr has remained under pressure on continued risk-aversion buy ing of yen n with price currently below 21-hr & 55-hr emas, consolidation with downside bias is in store, however, as hourly indicators readings are in o/sold territory, 119.08 (prev. res, now sup) would hold. Abv 120.36 may yield 120.86.
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