[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At [/B]
23 Jan 2013 23:41GMT
Trend Daily Chart
Up
Daily Indicators
Easing fm o/bot
21 HR EMA
88.57
55 HR EMA
88.80
Trend Hourly Chart
Near term down
Hourly Indicators
Bullish convergences
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
89.88 - Tue’s Aust. res
89.36 - Tue’s Asian res
88.99 - Tue’s NY res
Support
88.06 - Y’day’s low
87.79 - Jan 16 low
87.40 - Jan 09 sup
USD/JPY - 88.54 … Despite y’day’s anticipated resumption of corrective decline fm Mon’s high of 90.25 to 88.06 in Asia after penetrating Tue’s low of 88.37 in part due to renewed cross buying in jpy versus euro (eur/jpy fell to 117.06), price later rebounded to 88.73 near New York close on short-covering.
Although dlr’s rebound fm y’day’s low of 88.06 suggests corrective fall fm Mon’s 30-month high of 90.25 has possibly formed a temp. low there n minor consolidation is in store, as long as 88.99 res holds, downside bias remains for another drop to said lvl, however, bullish convergences on hourly oscillators suggests steep decline is unlikely to be repeated n chart sup at 87.79 (Jan 16 low) shud contain downside n yield a much-needed strg rebound today or tom. but dynamic res at 89.41 (being 61.8% r of 90.25-88.06) wud cap upside n yield another leg of corrective decline next week.
In view of the abv analysis, selling dlr on intra-day recovery is favoured in anticipation of such fall or one may turn cautious buyer on dips for prospect of a rebound twds 88.90/99 (38.2% r of 90.25-88.06 n chart res resp.).
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