DAILY USD/JPY TECHNICAL OUTLOOK
Last Update At 09 Jun 2014 23:57GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
102.51

55 HR EMA
102.48

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
48

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more rise

Resistance
103.58 - 1.618 times extn of 100.81-102.14 fm 101.43
103.02 - May 02 high
102.80 - Last Wed's 1-month high

Support
102.38 - Y'day's low
102.11 - Last Fri's low
101.94 - Last Mon's European low


. USD/JPY - 102.49... Although dlr retreated after an initial marginal gain to 102.65 in Asian morning, price retreated as the release of upbeat Japan GDP boosted demand for yen. Later, dollar weakened to 102.38 in European morning n then rebounded to 102.59 in NY morning b4 moving sideways in quiet NY afternoon.

. Looking at the hourly n daily charts, dlr's strg rebound fm Fri's low at 102.11 to 102.65 y'day signals pullback fm last Wed's fresh 1-month peak at 102.80 has ended there n as the daily technical indicators are rising, suggesting upside bias remains for recent erratic upmove fm May's 3-1/2 month low at 100.81 to resume n extend to 102.86 n then 103.02, being the 'dynamic' 61.8% r of the early fall fm 104.13-100.81 n May 02 high. Looking ahead, a daily close abv there wud encourage for subsequent headway twd 103.50 (being 80.9% r) but as mentioned in previous updates, we're holding our view the broad sideways move fm 2014 5-year peak at 105.45 (Jan) is unfolding into a 'triangle' n pivotal res at 104.13 (possible B-leg top) wud continue to hold this month.

. Today, trading dlr fm long side for gain twd 103.02 is recommended n only below 102.11 wud confirm temporary is made n risk 101.57 (61.8% r fm 100.81).