[B]DAILY TECHNICAL OUTLOOK ON USD/JPY
Last Update At[/B]
29 Jan 2013 00:06GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
90.76
55 HR EMA
90.57
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
91.47 - 1.618 time ext. of 75.32-84.18 fm 77.13
91.26 - Y’day’s 30-month high (NZ)
90.86 - Intra-day high (AUS)
Support
90.25 - Last Mon’s high
89.85 - Hourly chart
89.45 - Last Thur’s Asian high
USD/JPY - 90.79 … Despite dlr’s initial brief rise abv Fri’s 30-month peak of 91.20 to 91.26 at NZ open on Mon, intra-day broad-based profit taking in yen (eur/yen ‘tanked’ fm a 21-month high of 122.91 to 121.63) pressured the pair in Asian session, price fell to 90.57 in Europe b4 rebounding in NY morning.
Dlr has fallen ahead of Tokyo open today due to renewed broad-based cross unwinding in yen n intra-day breach of said sup at 90.57 confirms MT uptrend fm 2011 record low at 75.32 has indeed made a minor top at 91.26 n several days of ‘choppy’ consolidation is in store with downside bias, present cut below the hourly zero line by the macd adds credence to this view, however, a daily close below 90.25 (prev. res) is needed to bring stronger correction to 90.04 but reckon 89.66 wud contain weakness, being 38% r & 50% r respectively of the intermediate rise fm 88.06-91.26. Looking ahead, as long as 89.66 holds, dlr is en route to 91.47, this is 1.618 times extension of 75.32-84.18 measured fm 77.13.
Today, as dlr has remained under pressure, suggesting as long as 90.86 (AUS) holds, weakness twd 90.25 likely n only abv 91.09 (NY) wud re-test 91.26.
