[B]DAILY USD/JPY TECHNICAL OUTLOOK[/B]
Last Update At [B]28 Apr 2014[/B] [I]23:34GMT[/I]
[B]Trend Daily Chart[/B]
Sideways
[B]Daily Indicators[/B]
Neutral
[B]21 HR EMA [/B]
102.39
[B]55 HR EMA[/B]
102.33
[B]Trend Hourly Chart [/B]
Sideways
[B]Hourly Indicators[/B]
Rising
[B]13 HR RSI [/B]
60
[B]14 HR DMI[/B]
+ve
[B]Daily Analysis[/B]
Consolidation with upside bias
[B]Resistance [/B]
103.00 - Apr 7 low, now res
102.73 - Last Tue’s high
102.63 - Y’day’s high
[B]Support[/B]
102.23 - Y’day’s NY low
101.96 - Last Fri’s low
101.50 - Apr 15 low
. [B]USD/JPY - 102.51.[/B]… Despite retreating to a 1-week low of 101.96 last Fri due to buying of yen on risk aversion, dlr ratcheted higher in Asia on Mon n intra-day upmove gathered pace on unwinding of previous long-yen positions, the pair climbed back to 102.63 in NY morning after upbeat U.S. pending home sales.
. Looking at the daily picture, although dlr’s erratic fall fm last week’s
high of 102.73 to 101.96 signals early upmove fm Apr’s low at 101.32 has formed a temporary top there, Mon’s stronger-than-expected cross-inspired rebound suggests pullback has ended there n re-test of 102.73 is likely, abv wud extend aforesaid rise fm 101.32 to correct dlr’s decline fm Apr’s 2-1/2 month peak at 104.13 twd ‘dynamic’ res at 103.06 (61.8% r), however, reckon pivotal res at 103.77 (Mar) wud remain intact ahead of release of the key U.S.jobs data this Fri. On the downside, below 101.96 sup wud shift to the downside for subsequent weakness to 101.50/60.
. Today, in view of abv analysis, we’re turning long on dlr on dips in
anticipation of upmove to 103.00 but as hourly oscillators’ readings wud be in o/bot territory on next rise, 103.30/31 shud cap upside.