DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At
17 Jan 2013 23:38GMT
Trend Daily Chart
Up
Daily Indicators
Overbought
21 HR EMA
89.41
55 HR EMA
89.05
Trend Hourly Chart
Up
Hourly Indicators
Overbought
13 HR RSI
73
14 HR DMI
+ve
Daily Analysis
Resumption of MT 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
90.14 - Y’day’s high
Support
89.58 - Y’day’s NY res
89.22 - Y’day’s NY sup
88.80 - Y’day’s Asian res, now sup
USD/JPY - 89.79 … Despite y’day’s initial choppy trading (price extended Wed’s rise to 88.80 n then retreated to 88.14) in Asia, active cross selling in jpy lifted the pair in Europe. The pair rallied to 89.58 NY morning n then penetrated Mon’s 89.67 high to a fresh 30-month peak at 90.14 near NY close.
Y’day’s sharp rise fm 88.14 to 90.14 (200 points rally) confirms MT uptrend fm 2011 Oct’s record low of 75.32 has once again resumed n abv 90.14 wud extend gain to 90.30 n then 90.63 (equality projection of 86.83-89.67 measured fm 87.79) is envisaged, however, high readings on both hourly n daily oscillator shud cap price at 90.92 (1.618 times extension of 77.13-82.84 measured fm 81.68) today n yield a much-needed minor correction later. Looking ahead, as the rally fm 75.32 to retrace LT intermediate downtrend fm 110.67 has resumed, further headway to 91.48 (equality measurement of 75.32-84.18 fm 77.13) n then twds 93.00 (50% r of 110.67-75.32) is envisaged.
Today, buying dlr on dips is cautiously advised in anticipation of further upmove. On the downside, below 89.22 wud signal top made, risk 88.80.
