ICmarkets

USD/JPY: Expecting a small correction at the 107 level

FX:USDJPY   U.S. Dollar / Japanese Yen
123 2 2
Weekly Timeframe: Follow-through buying is currently being seen on the USD/JPY             after price broke above the weekly supply area at 105.432-104.065. From here, we see very little on this timeframe stopping price from hitting the heavy-weight weekly supply area at 110.652-108.123.

Daily Timeframe: Price is currently seen trading around the upper limit of the daily supply area at 106.946-105.083. A break above here could attract another heavy round of buying essentially pushing price up to the weekly supply area mentioned already at 110.652-108.123, since all we see above this daily supply area is consumed supply/sellers – just take a look at all those wicks (108.021/109.071/109.166/110.278), poetry in motion!

4hr Timeframe: The round number 106 proved to be a fantastic area to go long off of, unfortunately for us, there was no confirmation on this timeframe. Price is edging ever so closer to the round number 107, and while we are still expecting higher prices to come (as per the higher-timeframe analysis above), selling may be seen around this number, this will be very likely be traders covering their long positions, but nonetheless, it will possibly cause a small bearish correction within the clear up trend we’re all seeing.

Assuming sellers do come into the market around the 107 level, we’ll be looking to enter long around the 4hr demand area (106.030-106.241) at 106.288 (pending buy order set at this level).

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: 106.288 (Stop loss: 105.886 Take profit: Dependent on how price approaches). Price action confirmation levels: 105.377 (Stop loss: Dependent on price action after the level has been confirmed, Take profit level(s): Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
You'd think this baby has to pull back at least a little. I'm sure a bunch of buyers are dying for a good entry.
Reply
ICmarkets PRO TradersClassroom
Yes, I keep thinking the same thing, but every time It rallies higher :)
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out