[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
14 Feb 2013 00:28GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
93.38
55 HR EMA
93.42
Trend Hourly Chart
Sideways
Hourly Indicators
Sideways
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
94.46 - Mon’s near 3-year high
94.07 - Last Wed’s high
93.78 - Y’day’s high
Support
92.83 - Y’day’s low
92.37 - Mon’s low (AUS)
92.17 - Last Fri’s low
USD/JPY - 93.49… Although dlr came under renewed selling pressure in Australia y’day due to broad-based cross-buying of yen, price briefly penetrated Tue’s 92.95 low to 92.83 in Asian morning, renewed cross-selling in yen lifted price to 93.78 just ahead of NY open but only to fall to 93.15 today.
The abovementioned choppy move signals another day of volatile consolidation is in store as the early strg retreat fm Mon’s near 3-year peak of 94.46 suggests dlr’s uptrend fm 2011 record low at 75.32 has lost steam n several days of sideways trading wud be seen with downside bias, a breach of 92.83 wud bring retracement twd daily obj. at 92.17 (last Fri’s low), however,a daily close below there is needed to yield stronger correction twd 91.26, this is a natural 50% r of the MT intermediate rise fm 88.06-94.46.
Today, in view of abv analysis, we’re holding a short position in anticipation of a re-test of said y’day’s low but firm break there is needed to extend erratic fall fm 94.46 to 92.37/42, however, as hourly oscillators wud display ‘bullish convergences’ on next decline, 92.17 sup shud remain intact.
