[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
14 Feb 2013 23:38GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
93.14
55 HR EMA
93.30
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
39
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
93.78 - Wed’s high
93.47 - Hourly chart
93.14 - Y’day’s Asian low
Support
92.67 - Y’day’s low
92.37 - Mon’s low (AUS)
92.17 - Last Fri’s low
USD/JPY - 92.77 …The pair continued to fluctuate wildly in hectic Thur’s trading. Despite initial dip to 93.14 at Tokyo open, yen-bearish comments by ex-BoJ official triggered short-covering, price rose to 93.72 b4 another round of broad-based buying of yen emerged in Europe n later knocked dlr to 92.67.
Y’day’s cross-induced weakness to 92.67 near NY close confirms long-term uptrend fm 2011 record low at 75.32 has formed a temporary top at 94.46 (made at Mon’s NY close) n as long as 93.14 (prev. sup, now res) holds, consolidation with downside bias remains for a much-needed minor retracement to 92.50/55, however, as hourly oscillators’ readings wud be in o/sold territory on such decline , reckon sup at 92.17 (last Fri’s low) wud hold. Looking ahead, a daily close below 92.17 wud risk stronger retrace. to 91.26, this is a ‘natural’ 50% r of MT intermediate rise fm 88.06 whilst abv 94.46 wud extend aforesaid uptrend twd 94.99 (2010 peak) but bearish divergences on daily indicators wud cap dlr at 96.63.
Today, we’re holding a short position in anticipation of one more fall to indicated obj. n only abv 93.47 signals temp. low is made, risks 93.72 b4 down.
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