DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 22 Mar 2016 00:05GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
111.75
55 HR EMA
111.73
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
66
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
112.96 - Last Thur's high
112.63 - Last Tue's low, now res
112.33 - Last Wed's low, now res
Support
111.58 - Y'day's NY low
111.22 - Y'day's low
110.82 - Last Fri's low
. USD/JPY - 112.06... Dlr ratcheted higher after finding support at 111.22 in Asia y'day n rose to 111.86 in NY morning, despite release of downbeat U.S. existing home sales, price climbed to 111.97, then 112.16 in Australia today.
. On the bigger picture, dlr's brief breach of Feb's bottom at 110.99 to a fresh 16-month low at 110.67 last Thur signals a 'downside break' of early 1-mth long daily swings has taken place n MT erratic decline fm 2015 near 13-year peak of 125.86 (Jun) should pressure price to psychological obj. at 110.00, then 109.52 (50% proj. of 121.70-110.99 measured fm 114.88) later this month. However, as prominent 'bullish convergences' would appear on daily n hourly technical indicators on such move, 108.06 (161.8% proj. of 125.86-116.15 measured fm 123.77) would hold. Only a daily close abv 112.63 signals temporary low is made n risks stronger correction to 113.82, then twd 114.45.
. Today, dlr's intra-day break of previous res at 112.00 ahead of Asian open suggests near term upside bias remains for corrective rise fm 110.67 to extend to 112.33, however, only abv 112.63 would bring stronger retracement twd 112.96. On the downside, below 111.58 signals correction over n yields 111.22.
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 clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.