DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 29 Mar 2016 00:25GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
113.38
55 HR EMA
113.20
Trend Hourly Chart
Near term up
Hourly Indicators
Turning down
13 HR RSI
51
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more rise
Resistance
114.45 - Mar 10 high
113.82 - Mar 16 high
113.69 - Y'day's high
Support
113.15 - Reaction low fm 113.69
112.89 - Hourly chart
112.30 - Last Thur's low
. USD/JPY - 113.38... Although dlr continued its recent winning streak Mon n climbed to 113.69 in holiday-thinned Asian morning, price retreated on profit taking n fell in NY session following release of soft U.S. PCE inflation data.
. Looking at the bigger picture, despite dlr's brief break of Feb's 110.99 low to a 16-month trough of 110.67 in mid-Mar, lack of follow-though selling n subsequent gain for 7 consecutive days to 113.69 on Mon suggests the medium-term downtrend fm 2015 near 13-year peak at 125.86 (Jun) has possibly formed a temporary low there as this level was accompanied by prominent 'bullish convergences' on the daily technical indicators. As long as 112.30 holds, stronger retracement twd 114.88 chart obj. (reaction high fm 110.99) would be seen in Apr. Only below 111.38 would suggest aforesaid correction is over n bring weakness twd 110.67.
. Today, although dlr's intra-day strg retreat fm 113.69 to 113.15 signals consolidation is in store in Asia, as long as 112.89 sup holds, marginal gain is envisaged, however, as hourly indicators would display prominent 'bearish divergences' on next upmove, upside should falter well below chart res 114.45 n risk is seen for a correction to occur. Below 112.89 signals temp. top, 112.30/37.
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