DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 27 Apr 2016 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
111.19
55 HR EMA
111.02
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
51
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
113.00 - 38.2% r of 121.70
112.48 - 61.8% proj. of 109.26-111.91 fm 110.84
111.91 - Mon's 3-week high
Support
110.67 - Y'day's low
110.28 - Last Fri's European low
109.90 - Last Thur's top (now sup)
. USD/JPY - 111.22... Dlr came under renewed selling at 111.30 ahead of Asian open on Tue n ratcheted lower to 110.67 in Europe due to cross-unwinding in yen b4 moving higher in NY session to 111.47.
. Looking at the daily chart, despite dlr's 2-week long daily swings after hitting a fresh 17-month bottom at 107.63, last Fri's rally abv 110.67 (Mar's low) to 111.83, then 111.91 on Mon confirms MT downtrend fm 2015 near 13-year peak at 125.86 (Jun) has formed a low there n consolidation with upside bias is seen for gain twd next daily chart obj. at 113.80, then later to 114.56/114.59 (being Mar's top n 'minimum' 38.2% r of the entire fall fm 125.86-107.63 respect ively). In view of above analysis, buy dlr on dips for subsequent headway to said upside targets is recommended n only a daily close below 109.90 (previous res, now sup) signals temporary top is made, risks 109.26 but 108.77 would hold.
. Today, dlr's rebound fm y'day's low at 110.67 signals pullback fm 111.91 has ended n bullishness is retained for gain twd 112.48, being 61.8% proj. of 109.26-111.91 measured fm 110.67, however, 'bearish divergences' on hourly indicators should prevent strg gain n measured res at 113.00 would cap upside._20160427073029.png)
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