DAILY TECHNICAL OUTLOOK ON USD/JPY

Last Update At 12 Mar 2009 23:26 GMT
Trend Daily Chart	Daily Indicators	21 HR EMA	55 HR EMA
Up	Rising	97.42	97.60
Trend Hourly Chart	Hourly Indicators	13 HR RSI	14 HR DMI
Sideways	Rising	54	+ve
Daily Analysis
Consolidation with mild upside bias
Resistance		Support
99.69 - 05 Mar high 99.19 - 09 Mar high 98.53 - 12 Mar low		97.02 - 11 Mar low 96.52 - Prev. res 95.65 - 12 Mar low
USD/JPY - 97.65...Despite y'day's initial selloff to 95.65 (several stops were triggered), the dlr staged a strg rebound fm there as an option barrier at 95.50 was successfully defended n intra-day rise accelerated in U.S. session on the back of the strength in U.S. equities n also active cross selling in yen (eur/jpy rallied fm 122.16 to 126.40), price hit a session high of 98.53 in NY b4 retreating. Y'day's cross-inspired rally signals the decline fm 99.69 (March 5 high) has formed a temporary low at 95.65 n consolidation abv there is seen with mild upside bias, abv 98.53 wud extend gain twds pivotal res at 99.19 but only a breach of this lvl wud signal recent upmove fm January's multi-year low at 87.10 has finally resumed, bring re-test of 99.69 n then twds the 'psychological' 100.00 level. Below 97.02/09 (sup n 50% r of 95.65-98.53) wud yield weakness twd 96.52 (prev. res) but reckon aforesaid low at 95.65 wud hold on 1st testing, bring further choppy trading...