[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
25 Feb 2013 00:00GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
93.58
55 HR EMA
93.44
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
69
14 HR DMI
+ve
Daily Analysis
Resumption of uptrend
Resistance
95.42 - 50% proj. of 88.06-94.46 fm 92.22
94.99 - 2010 peak (May 04)
94.77 - Intra-day high in NZ
Support
94.05 - Last Thur’s Wed’s high
93.52 - Last Fri’s high
92.77 - Last Thur’s low
USD/JPY - 94.10… Despite last week’s volatile price action after ratchet ing lower fm 94.22 (Mon) to 92.77 Thur, price opened sharply higher today after w/end news of ADB’s president has been chosen as the next BoJ governor, price jumped to 94.77 in NZ b4 retreating to 94.13/14 in volatile NZ/AUS trading.
Looking at the daily chart, today’s breach of previous top at 94.46 to 94 .77 confirms dlr’s uptrend fm 2011 record low at 75.32 has once again resumed n gain twd next daily chart obj. at 94.99 (2010 high) is now envisaged, having said that, as daily technical indicators are displaying prominent ‘bearish diver ging signals’, upside is ltd to 95.42, being 50% projection of intermediate rise fm 88.06-94.46 measured fm 92.22 n reckon 96.18 (61.8% proj.) wud cap upside. So whilst buying for one more rise is still advised, profit shud be taken on such move. On the downside, as daily close below 93.52 confirms temporary top is in place n wud risk subsequent retracement twd 92.22.
Today, despite intra-day retreat fm 94.77, reckon 94.00/05 wud contain weakness n yield gain twd 94.99, only below 93.72 aborts, risks 93.52, 93.18/20.
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