0747 GMT [Dow Jones] USD/JPY weakness brings the February base at Y100.75 within striking distance, where a downside equality target lies. But there are two more downwave equality targets located at Y100.21 and Y99.43, as a result of the medium-to-long-term sub-dividing downtrend from the Jan. 2 peak at Y105.45. Wednesday's Market Profile chart indicates strong intra-day resistance at Y101.15, and only above Y101.36 would lift the tone. USD/JPY is at Y100.91. Market Profile is an intraday charting technique, seeking to evaluate market value as it develops during the day. The technique displays price on a vertical axis, and time/activity on a horizontal axis, creating bell curves that show normal and variable distributions in financial markets. -By Francis Bray, Dow Jones Chief Technical Analyst For Europe.(francis.bray@dowjones.com) (This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security or currency. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)
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May 21, 2014 03:47 ET (07:47 GMT)
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