[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
20 Jan 2013 23:42GMT
Trend Daily Chart
Up
Daily Indicators
Overbought
21 HR EMA
89.90
55 HR EMA
89.60
Trend Hourly Chart
Up
Hourly Indicators
Overbought
13 HR RSI
71
14 HR DMI
+ve
Daily Analysis
Resumption of upmove
Resistance
90.92 - 1.618 times extension of 77.13-82.84 fm 81.68
90.63 - Equality proj. of 86.83-89.67 fm 87.79
90.25 - Intra-day high
Support
89.67 - Last Mon’s high
89.22 - Last Thur’s NY sup
88.80 - Last Thur’s Asian res, now sup
USD/JPY - 89.54 … U.S. dollar went through a ‘roller-coaster’ week last week as despite rising to a high of 89.67 Mon, the yen-supportive comments fm Japanese EconMin Amari triggered massive profit-taking. Price tumbled to 87.79 Wed b4 rallying to 90.21 Fri, then a fresh 30-month top at 90.25 in Aust. today.
Looking at the daily chart, recent strg acsent is likely to extend gain to 90.92 (1.618 times extension of 77.13-82.84 fm 81.68), however, the high readings on daily oscillators together with bearish divergences on hourly oscillators suggests strg gain abv there is unlikely to be repeated n a ‘much- needed’ minor correction shud take place later this week, below 88.80 wud signal a temp. top is in place n retrace. to last Wed’s low of 87.79 is likely but renewed buying shud emerge abv 86.83 sup. Looking ahead, as MT rise fm 2011 Oct’s record 75.32 low is seen as a retrace. of LT intermediate fall fm 110.67, gain to 93.00 (50% r) is likely in Q1.
Today, as long as 89.67 (last Mon’s high) holds, buying dlr on dips is still favoured. Below 89.20 wud signal temp. top possibly made, risk 88.80.
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