Looking for longs on the USD/JPY

FX:USDJPY   U.S. Dollar / Japanese Yen
210 0 9
Weekly gain/loss: - 126 pips
Weekly closing price: 100.98

Weekly view: The past week’s performance has, as you can see, placed the USD/JPY             back around the support level penciled in at 100.61. This is the pair’s third consecutive losing week. On the assumption that further selling is seen from here, the next area to watch beyond current support is a demand base drawn from 96.56-98.59. On the other hand, a rotation from the support level this week has, at least in our view, the potential to drag prices back up to the resistance area seen at 105.19-107.54.

Daily view: The story on the daily chart , nevertheless, shows that the unit rebounded beautifully from the topside of demand chiseled in at 99.53-100.23. From this timeframe, we see very little stopping prices from reaching the resistance area coming in at 103.50-103.89. Take note of, what we believe to be, the supply consumption wicks seen marked with red arrows at 102.78 and 103.35.

H4 view: During last week’s sessions, our team made a call to buy from the 100.00/100.21 range (green zone). This worked out to be a fantastic buy zone so well done to any of our readers who managed to lock down a position from here! Adding to this, we can see prices went a step further early on in Friday’s sessions and closed above H4 resistance seen at 100.82, and ended the week retesting this boundary as support.

Direction for the week: Despite the weekly trend clearly pointing in a southerly direction right now, our team believes there is upside potential still left in this market to at least the daily resistance area mentioned above at 103.50-103.89. This is mainly due to recent movement on the H4 retesting 100.82 as support!

Direction for today: With the most recently closed H4 candle looking as though it consumed the majority of supply to the left, further buying is highly possible up to at least the H4 resistance area at 101.41-101.62/102 handle.

Our suggestions: Taking the above points into consideration, our team will be looking for price to retest the H4 support 100.82 for a second time today and hold. Should this come into view and we see a reasonably sized H4 bull candle take shape, we would look to buy the dollar, targeting the above said H4 resistances.

Levels to watch/live orders:
• Buys: 100.82 region - H4 bullish close required (Stop loss: beyond the trigger candle).
• Sells: Flat (Stop loss: N/A).

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