WEEKLY TECHNICAL OUTLOOK ON USD/JPY
Last Update At
03 Feb 2013 23:34GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
91.41
55 HR EMA
91.87
Trend Hourly Chart
Up
Hourly Indicators
O/bot
13 HR RSI
75
14 HR DMI
+ve
Daily Analysis
Resumption of uptrend
Resistance
94.00 - Psychological
93.58 - 2.618 ext. of 90.33-91.41 fm 90.75
93.36 - 61.8% proj. of 81.68-90.25 fm 88.06
Support
92.29 - Last Fri’s Asian high
91.79 - Last Fri’s low
91.41 - Last Wed’s high (now sup)
USD/JPY - 92.82… Dlr continued its recent relentless uptrend last week, price rose for 12 consecutive weeks n upmove accelerated on Fri to a fresh 2-1/2 year top of 92.97 after a brief retreat to 91.79 in NY morning on profit taking.
Looking at the bigger picture, dlr’s MT uptrend fm 2011 record low at 75. 32 (Oct) remains in progress n is correcting at least the LT intermediate fall fm 124.14 (2007 high), a ‘minimum’ 38.2% r of this move wud push price to 93.97, abv wud yield further subsequent headway twd chart obj. at 94.99 (2010 peak), however, as daily technical indicators’ readings wud be in very o/bot territory, reckon 94.85, being 2-times extension of the MT rise fm 75.32-84.18 measured fm 77.13, wud cap upside n yield a much-needed correction later this month. On the downside, a daily below 91.79 (last Fri’s low) wud be the 1st signal temporary top is in place n risk retracement to 91.41 but sup at 90.33 shud remain intact.
Today, the initial narrow move in NZ suggests consolidation is in store initially n as long as 92.40/45 holds, marginal gain twd 93.36 is likely. Below 92.29 wud signal temp. top is in place n risks retracement twd 91.79 b4 rebound.
