DAILY TECHNICAL OUTLOOK ON USD/JPY
13 Mar 2013 23:07GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
95.99
55 HR EMA
95.95
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
53
14 HR DMI
-ve
Daily Analysis
Consolidation with a neutral bias
Resistance
97.34 - 50% proj. of 92.92-96.71 fm 95.44
96.71 - Tue’s fresh 3-1/2 year high
96.51 - Tue’s European high
Support
95.44 - Y’ay’s low
95.10 - Last Thur’s high
94.77 - Feb’s high (Feb 25)
. USD/JPY - 96.04… The greenback went through a roller-coaster session on Wed. Although price came under selling pressure in Asia on cross-buying of yen n fell to session low of 95.44 in Europe, the pair rallied to 96.27 in NY due to
dlr’s broad-based rally on upbeat U.S. retail sales.
. Looking at the hourly chart, dlr’s aforesaid strg bounce fm 95.44 signals pullback fm Tue’s 3-1/2 year peak of 96.71 has made a low there n consolidation with mild upside bias is seen, abv 96.51 is needed to signal recent uptrend has once again resumed n bring re-test of 96.71, break wud yield subsequent headway twd 97.34, this is 50% proj. of intermediate rise fm 92.92-96.71 measured fm 95.44. Having said that, as both hourly as well as daily technical indicators wud display prominent ‘bearish divergences’ on such a move, suggesting risk is seen for a much-needed correction to take place very soon.
. Today, dlr has traded with a steady tone ahead of Asian open n as long as 95.63 holds, marginal gain abv y’day’s 96.27 high can’t be ruled out but 96.71 wud hold on 1st testing. Below 95.63 wud bring re-test of 95.44, then 95.10/20.
