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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 16, 2013 3:35:00 AM

April 16 Tuesday 7:40 GMT

DOLLAR-YEN Technicals: Long Lower Shadow Cautions Bears

Resistance 4: 101.15 Upper weekly Bollinger band
Resistance 3: 99.95/100.19/40 April 11 high, Mthly Ichimoku cloud top, Upper dly Bolli
Resistance 2: 99.36/52 3.00% MA envelope top, Former resistance line from Feb 11
Resistance 1: 98.19/21/39 38.2% Y135.15-75.35, 23.6% Y92.57-99.95, 2.00% upper MA env


Support 1: 95.80 Hourly low
Support 2: 95.20/39 Jan 23 support line, 61.8% of 92.57-99.95
Support 3: 94.99 May 2010 reversal high
Support 4: 94.56 23.6% of 77.13-99.95

COMMENTARY: Dollar-yen already shows a long lower shadow, despite daily studies
which turned bearish yesterday and daily slow stochastic showed a sell-signal.
However, the long lower shadow indicates buying pressure and dollar-yen has
ignored daily studies in the past. But monthly studies remain bullish and
initial res seen at 98.19/21/39, the 38.2% 135.15-75.35, 23.6% of 92.57-99.95
and 2.00% upper MA envelope. Bears aim to break below the hourly low of 95.80.

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