DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 19 Feb 2016 00:12GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
113.58
55 HR EMA
113.78
Trend Hourly Chart
Up
Hourly Indicators
Oversold
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
114.51 - Wed's high
114.32 - Y'day's high
113.62 - Y'day's European morning low (now res)
Support
113.14 - Y'day's low
112.93 - 50% r of 110.99-114.88
112.48 - 61.8% r of 110.99-114.88
. USD/JPY - 113.17... Dlr came under renewed selling pressure after a brief rise to 114.32 ahead of Asian open y'day n fell to 113.62 in European morning, then 113.14 in NY despite mildly positive U.S. data b4 recovering.
. Looking at bigger picture, although dlr's breach of Jan's 115.97 low (now res) confirms MT downtrend fm 2015 near 13-year peak at 125.86 (Jun) has resumed, subsequent stronger-than-expected rebound fm last Thur's 15-month bottom at 110.99 n then a strg gain to 114.88 on Tue signals a temporary trough has been made n choppy consolidation would be seen. Having said that, dlr's cross-inspired selloff to 113.14 y'day suggests 1st leg of correction is over n price is en route twd 112.48 (61.8% r of 110.99-114.88) next week b4 prospect of another rebound. Therefore, one can trade ldr on both sides of the market. On the upside, a daily close abv 114.51 would yield subsequent headway twd 115.54.
. Today, dlr's intra-day selloff to 113.14 on Thur suggests choppy trading with downside bias remains n as current price is trading below the 21-hr n 55-hr emas, selling the pair on recovery is favoured but sup at 112.59 should hold fm here. Only abv 114.00/05 confirms low is made n may risk gain twd 114.40/50.
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