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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 25, 2013 5:03:00 AM

April 25 Thursday 9:03 GMT

DOLLAR-YEN TECHNICALS: Hanging Around Just Below 99.95 - Apr 11 High

RES 4: 101.45/72 Reversal high Apr 2009, 3.00% MA envelope top
RES 3: 100.74 2.00% upper MA envelope
RES 2: 100.19/29 Monthly Ichimoku cloud top, Feb 11 res line
RES 1: 99.75/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high


SUP 1: 98.48/49 Support line Apr 4, Low Apr 23
SUP 2: 98.19/21 38.2% 135.15-75.35, 23.6% of 92.57-99.95
SUP 3: 97.42/63/85 21-DMA, Apr 18 low, Tenkan line
SUP 4: 97.13 38.2% of 92.57-99.95

COMMENTARY: Dollar-yen formed a doji yesterday, highlighting the indecision
between bulls and bears as the pair was left hanging below the key 99.95 Apr 11
reversal high. Daily studies paint a mixed picture, 10-day momentum has declined
sharply while slow stochastic inches higher into overbought levels. Weekly studies
slip a little but monthly studies rise into overbought territory. Failure to break
initial resistance may allow bears to test the Apr 4 support line at 98.48.

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