Weekly Technical & Trading Outlook USD/JPY

  WEEKLY USD/JPY TECHNICAL OUTLOOK
Last Update At 27 Feb 2017 00:05GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
112.38

55 HR EMA
112.71

Trend Hourly Chart
Down

Hourly Indicators
Rising fm o/s

13 HR RSI
39

14 HR DMI
-ve\

Daily Analysis
One more fall b4 rebound

Resistance
113.24 - Last Mon's high
112.96 - Last Fri's high
112.55 - Last Thur's low (now sup)

Support
111.94 - Last Fri's low
111.60 - Feb's 7-week low (7th)
111.36 - 38.% r of 99.00-118.66

• USD/JPY - 112.19.. Despite staging a recovery to 113.78 initially last week, the greenback fell broadly after mildly dovish Fed minutes on Wed n later tumbled to a 2-week low of 111.94 on Fri due to broad-based yen-buying.

• On the bigger picture, although dlr's early rally fm 2016 bottom (Jun) to a 10-1/2 month peak of 118.66 in mid-Dec signals MT fall fm 2015 near 13-year peak at 125.86 has ended there, subsequent erratic fall to Feb's low of 111.60 confirms a temporary top has been made there n last week's weakness to 111.94 suggests re-test of 112.60 would be forthcoming soon, a daily close below there would bring retracement of aforesaid rise to 111.15 (being a 'minimum' 38.2% r of 99.00-118.66), then twd 'psychological' target at 110.00, however, as daily indicators would dispaly 'bullish convergences' on such move, 108.83 (50% r) should remain intact. Only abv 113.78 signals pullback is over n yields 114.96.

• Today, dlr's selloff fm 112.96 (Asia) to 111.94 near NY close Fri on active buying in yen should bring re-test of 111.60, break would extend marginal weakness, as hourly oscillators' readings would be in o/sold territory on next fall, reckon 111.36 would hold. Abv 112.55/60 may risk 112.91/96 b4 down.