USDJPY Analysis
Bearish Total Pattern on H1 Time Frame
| USD/JPY Intraday: bullish bias above 101.65. |
| Pivot: 101.65 Our preference: Long positions above 101.65 with targets @ 102 & 102.15 in extension. Alternative scenario: Below 101.65 look for further downside with 101.4 & 101.15 as targets. Comment: The pair is rebounding above its support. |
Day Time Frame
Bearish TOTAL
Bearish Divergence (ADX)
Autocharts
| USD/JPY Intraday: bullish bias above 101.65. |
| Pivot: 101.65 Our preference: Long positions above 101.65 with targets @ 102 & 102.15 in extension. Alternative scenario: Below 101.65 look for further downside with 101.4 & 101.15 as targets. Comment: The pair stands above its support. |
Daily Chart
Bearish Divergence (DMI+)
My preference: Short positions Below 102.26 with targets @ 101.60
Hourly Chart
Bearish Divergence (DMI+)
My preference: Short positions Below 102.26 with targets @ 101.708
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mazennafee, 2014.07.30 09:59
USD/JPY Daily Outlook
Daily Pivots: (S1) 101.90; (P) 102.03; (R1) 102.23; More...
Intraday bias in USD?JPY remains on the upside for 102.26 resistance. As noted before, the choppy fall from 102.79 has completed at 101.06 already. Break of 102.26 will confirm this bullish case and target 102.79 resistance and above. Overall, the pair is still bounded in the sideway pattern from 100.75 and we'd expect more sideway trading ahead. On the downside, below 101.71 minor support will turn bias back to the downside.
In the bigger picture, at this point, there is no confirmation of medium term reversal yet even though bearish divergence condition was clear in weekly MACD. Attention remains on 100.61 key support level and decisive break there will confirm the bearish case. In that case, deeper decline should be seen back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we'll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.
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mazennafee, 2014.07.30 10:29
Japanese Industrial Production Fell Sharply In June
For the 24 hours to 23:00 GMT, the USD strengthened 0.25% against the JPY and closed at 102.10 following upbeat US consumer confidence data.
In the Asian session, at GMT0300, the pair is trading at 102.10, with the USD trading flat from yesterday’s close.
In the economic news, Japan’s industrial production shrank 3.3%, on a monthly basis in June, after witnessing a 0.7% rise in the previous month. Meanwhile, the small business confidence index in Japan rose to a level of 48.7 in July, compared to a reading of 47.3 in the prior month.
The pair is expected to find support at 101.91, and a fall through could take it to the next support level of 101.73. The pair is expected to find its first resistance at 102.23, and a rise through could take it to the next resistance level of 102.36.
Amid a lack of economic releases from Japan today, investors would shift their attention to the release of Japanese housing starts data, to be out tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
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Summary :
Target Level : 102.215
Target Period : 2 days
Stop Level : 101.065
Analysis :
Channel Down identified at 16-Jul-02:00 GMT-2. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 102.215 within the next 2 days.
Supporting Indicators :
Upward sloping Moving Average
Resistance Levels :
( B ) 102.215Last resistance turning point of Channel Down.
Support Levels
( A ) 101.065Last support turning point of Channel Down.