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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 18, 2013 3:55:00 AM

April 18 Thursday 7:55 GMT

DOLLAR-YEN Technicals: Daily Studies Sharply Lower, Bears Eye Apr 16 Low

RES 4: 99.88/95/100.19 3.00% MA env top, Apr 11 high, Mthly Ichimoku top
RES 3: 99.74 Former resistance line from Feb 11
RES 2: 98.91 2.00% upper MA envelope
RES 1: 98.43 High Apr 17


SUP 1: 97.63 Hourly low
SUP 2: 97.13 38.2% of 92.57-99.95
SUP 3: 96.24/26 21-DMA, Kijun line & 50.0% of 92.57-99.95
SUP 4: 95.80 Apr 16 low

COMMENTARY: Dollar-yen attempted to close above the former 23.6% at 98.21,
however ended below. Daily studies are bearish as 10-day momentum breaks lower and
slow stochastic shows a sell-signal from overbought levels. Bears target a break
below the 38.2% at 97.13, key support at Y96.24/26, the 21-DMA followed by the
Kijun line and 50.0% of 92.57-99.95. However, monthly studies still rise, if
Dollar-yen holds above 95.80, the Apr 16 low, we may see bulls return.

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