DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 25 Feb 2016 00:23GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
111.85
55 HR EMA
112.09
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
113.39 - Mon's high
113.05 - Mon's high
112.42 - Tue's NY high
Support
111.77 - Tue's low
111.30 - Hourly chart
111.04 - Y'day's low
. USD/JPY - 112.12... Despite resumption of recent decline to a 2-week low of 111.04 in NY y'day on continued yen-buying on risk aversion, price later rallied to 112.21 in Aust. today on strg rebound in the Dow in NY afternoon.
. Looking at the daily chart, although dlr's early breach of Jan's 115.97 bottom (now res) to a 15-month trough of 110.99 in Feb confirms MT downtrend fm 2015 near 13-year peak at 125.86 (Jun) has resumed, subsequent rebound to 114.88 suggests a temporary low has been made. Having said that, dlr' cross-inspired' decline to 111.04 y'day confirms aforesaid correction has ended n price is en route to 110.35 after consolidation is over, this is the dynamic 61.8% r of 110.76-125.86, then psychological objective at 110.00 early next month. On the upside, only abv 114.88 would stronger retracement twd 116.15.
. Today, as y'day's 2-week trough at 111.04 was accompanied by prominent 'bullish convergences' on the hourly indicators, subsequent cross-inspired rally to 112.21 in Aust. suggests recent decline fm 114.88 has made a low there n as hourly macd is about to cross abv the 'zero line', break of 112.42 res would bode well for dlr to head to 114.78 n possibly later twd 113.05.
_20160225072705.png "yen")
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD rises toward 1.0800 on USD weakness
EUR/USD trades in positive territory above 1.0750 in the second half of the day on Monday. The US Dollar struggles to find demand as investors reassess the Fed's rate outlook following Friday's disappointing labor market data.
GBP/USD closes in on 1.2600 as risk mood improves
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold gathers bullish momentum, climbs above $2,320
Gold trades decisively higher on the day above $2,320 in the American session. Retreating US Treasury bond yields after weaker-than-expected US employment data and escalating geopolitical tensions help XAU/USD stretch higher.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Three fundamentals for the week: Two central bank decisions and one sensitive US Premium
The Reserve Bank of Australia is set to strike a more hawkish tone, reversing its dovish shift. Policymakers at the Bank of England may open the door to a rate cut in June.