DAILY TECHNICAL OUTLOOK ON USD/JPY All times in GMT
Last Update At 20 May 2010 00:00 GMT
Trend Daily Chart Daily Indicators 21 HR EMA 55 HR EMA
Sideways Turning down 91.69 91.97
Trend Hourly Chart Hourly Indicators 13 HR RSI 14 HR DMI
Down Turning up 50 -ve
Daily Analysis
Initial recovery b4 retreat
Resistance Support
92.97 - Tuesday's high
92.69 - Hourly chart
92.15 - Y'day's high 90.95 - Y'day's low
90.63 - 1.236 ext. of 93.65-91.76 fm 92.97
90.13 - 61.8% r of 87.95-93.65
USD/JPY - 91.78.. Volatile trading was seen in the dlr y'day as despite
initial rebound fm Tokyo morning low of 91.55, renewed selling capped intra-day
rise at 92.15 as selloff in European equities prompted another wave of heavy
unwinding of yen carry trades, the pair fell to 91.05 n staged a strg bounce
back to 92.02 at NY opening, however, weakness in U.S. stocks pushed price to an
intra-day low of 89.95 b4 a modest recovery took place.
Dlr's erratic fall fm 93.65 is retracing the early rally fm 2010 low of
87.95 n as the rebound fm said y'day's low looks corrective, reckon 92.15 wud
cap intra-day gain n yield retreat, however, break of 90.95 is needed to yield
marginal weakness to 90.70, as the hourly oscillators' readings wud display
prominent bullish converging signals on next fall, reckon 'dynamic' sup at 90.13
(61.8% r of 87.95-93.65) wud remain intact n bring subsequent strg rebound.
Today, we're buying dlr on dips in anticipation of one more rise to 92.15
n if price rises there 1st, we'd sell for retreat. On the upside, a breach of
92.97 wud confirm decline fm 93.65 has ended n bring re-test of this res later.
south korean economy down
SEOUL, March 3 (Reuters) - The South Korean won fell over 1
percent to drift around an 11-year low against the dollar early
on Tuesday as deepening worries about the global financial sector
hit riskier assets including Seoul stocks. The won found some relief however from caution over
possible dollar-selling by foreign exchange authorities as they
were reported carrying out intervention on Monday to help the
currency cut losses. The local unit was quoted at 1,586.1/7.7 per dollar as of
0020 GMT, compared with Monday's domestic close of
1,570.3. It weakened to as soft as 1,593.9, a notch above's Monday's
intraday low of 1,594.9, the weakest since March 10, 1998. "The won is expected to weaken past the 1,600 (per dollar)
line as it's surrounded by bearish factors, especially worries
about the global financial sector, which have pushed local shares
below 1,000 points," said an analyst at a local futures firm. Seoul stocks fell 1.44 percent as foreign investors
sold a net 11.6 billion won worth of shares in the country's main
exchange. Foreigners unloaded a combined net 2.38 trillion won over the
previous 15 consecutive sessions, hurting South Korea's balance
of payments. Central bank data released earlier showed the country's
foreign exchange reserves slid by $200 million in February, the
first fall in three months. [ID:nSEO260417] 0020 GMT prev close
Won 1,586.1/7.7 1,570.3
Yen/won 16.3200/84 16.1030/82
KOSPI 1,004.19 1,018.81
(Reporting by Cheon Jong-woo; Editing by Jonathan Hopfner)
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