[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
17 Feb 2013 23:43GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
93.34
55 HR EMA
93.23
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
94.99 - May 04/05 2010 High
94.46 - Last Mon’s high
94.07 - Feb 06 high
Support
93.31 - Hourly chart
93.12 - Last Fri’s Asian high
92.79 - European morning high
USD/JPY - 93.95 … The pair took centre stage last week n extended recent strg ascent to a near 3-year peak (33 month) of 94.46 at Mon’s NY close, however, broad-based long liquidation in yen pressured the greenback n dlr later tanked to 92.22 on Fri b4 rallying back to as high as 93.85 in NY, then 93.96 in Aust.
Looking at the daily chart, dlr’s aforesaid strg rebound fm 92.22 signals the pullback fm 94.46 has ended there n outlook remains mildly bullish for price to head to daily chart obj. at 94.99, this was 2010 high formed in May. Having said that, as daily technical indicators wud dispaly ‘bearish divergences’ on such a rise, reckon projected res at 95.42 wud cap upside in Feb, this is 50% proj. of the MT intermediate rise fm 88.06-94.46 measured fm 92.22. On the downside, in the event dlr fails to penetrate 94.46 n drops below 92.17/22 sup, then risk is seen for a stronger correction twd 91.26 (50% r of 88.26-94.46).
Today, rising hourly indicators suggest upside bias remains, so buying on dips is favoured but dlr may lack momentum to penetrate 94.46/50. Only below 93. 31 prolongs choppy trading n may risk stronger retracement to 92.70/80.
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