[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
28 Feb 2013 00:05GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
92.01
55 HR EMA
92.18
Trend Hourly Chart
Near term down
Hourly Indicators
Rising
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
Marginal rise b4 retreat
Resistance
94.18 - Y’day’s NY high
93.52 - Last Fri’s high
92.75 - Tue’s high
Support
91.93 - Minor hourly res
91.11 - Tue’s low
90.85 - Mon’s low
USD/JPY - 92.56… The greenback ‘gyrated’ wildly inside near term estab- lished broad range of 90.85-92.75 y’day. Despite initial gain fm previous day’s NY low of 91.11 to 92.27 at Asian open, renewed broad-based buying of yen pre- ssured the pair in Asia n Europe, dlr fell to 91.14 in NY b4 rallying to 92.44.
Looking at the bigger picture, dlr’s decline fm Mon’s near 3-year peak of 94.77 to 90.85 confirms the LT uptrend fm 2011 record low at 75.32 has formed a temporary top there as this lvl was accompanied by prominent ‘bearish divergen- ces’ on the daily indicators, the subsequent crossover of the 21-hr ema below the 55-ema suggests 1-2 weeks of choppy consolidation with downside bias wud be seen. As mentioned in previous update, we’ve taken the bearish view dlr’s afore said fall fm 94.77 is at least correcting the MT intermediate upmove fm 81.68, a ‘minimum’ 38.2% r of this move shud pressure price to 89.77.
Today, as yen’s broad-based weakness has kep price firm, as long as 91.93 (prev. minor res) holds, gain twd 92.75 (Tue’s high fm 90.85) is likely but only a daily close abv there wud risk stronger retrace. to 92.27 but 93.52 shud hold.
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