WEEKLY TECHNICAL OUTLOOK ON USD/JPY
23 Jun 2013 23:22GMT
Trend Daily Chart
Sideways
Daily Indicators
Getting o/bot
21 HR EMA
97.80
55 HR EMA
97.30
Trend Hourly Chart
Near term up
Hourly Indicators
Neutral
13 HR RSI
68
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
99.92 - 61.8% r of 103.74-93.75
99.29 - Jun 10 high
98.75 - 50% r of 103.74-93.75
Support
97.27 - Fri’s European low
96.86 - Fri’s Asian low
96.02 - Last Wed’s Australian low
. USD/JPY - 98.40 … Dollar managed to hold abv this’s month 10-week low at 93.75 (13 Jun) last week n rallied to 97.03 on Wed after the ‘tapering’ comments fm Fed’s chairman Bernanke. Price rose to 98.29 on Thur n retreated
briefly to 96.86 Fri b4 rising again to 97.99 (NY) n 98.50 in Aust. today.
. Looking at the hourly chart, intra-day breach of last Thur’s high at 98.29 signals upmove fm Jun’s low at 93.75 to at least retrace corrective fall fm May’s 4-1/2 year high at 103.74 has once again resumed n further gain to 98.75 (being a natural 50% r of 103.74-93.75) is envisaged, however, as hourly oscillators wud display bearish divergences on such move, strg rise abv there is unlikely to be seen n daily res at 99.29 shud hold on 1st testing n yield a much -needed retreat later. Looking ahead, a daily close abv 99.29 wud bring stronger gain to 99.92 (61.8% r of 103.74-93.75) n then twds daily res at 100.47.
. Today, buying dlr again on dips is still favoured in anticipation of such rise. Only below 97.27 (Fri’s European low) wud signal an intra-day top is made n risk another pullback to 96.86 but sup at 96.02 is expected to remain intact.
