acetraderfx
AceTrader.com Representative
- Messages
- 1,109
WEEKLY TECHNICAL OUTLOOK ON USD/JPY18 Mar 2013 00:12GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
95.41
55 HR EMA
95.73
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
34
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
96.28 - Last Fri's high
96.68 - Last Thur's low
95.08 - Last Fri's low
Support
94.60 - Hourly chart
94.07 - Intra-day low (NZ)
93.73 - Mar 04 high
. USD/JPY - 94.88... Dlr resumed its recent relentless ascent n climbed to a 3-1/2 year peak of 96.71 last Tue, price then 'fluctuated' wildly inside a range of 95.44-94.60 in next few days b4 making a downside break Fri due to weaker-than-expected U.S. data, price opened sharply lower to 94.07 in NZ today.
. Today's gap-down open to 94.07 signals the uptrend fm 2011 record low of 75.32 has made a temp. top at last Tue's 3-1/2 year peak at 96.71 n as long as 96.28 holds, weakness to 93.73/78 wud be seen, this is prev. daily res n 'min.' 38.2% r of intermediate rise fm 90.85-96.71, however, a daily close below there needed to bring stronger retrace. twd 90.85 in Apr. On the upside, only abv 96.28 suggests correction over n yields possible re-test of 96.71 but as daily indicators wud display very prominent 'bearish divergences' on next rise, upside shud falter below 97.69 (61.8% proj. of 90.85-96.71 measured fm 94.07).
. Today, despite initial selloff to 94.07 due to selloff in eur/yen, as buying on bargain hunting has lifted dlr, choppy sideways trading is in store n as long as 95.44 (prev. sup) holds, downside bias remains, abv there, 95.70/80.
