ICmarkets

USD/JPY: Technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
66 0 0
Weekly Timeframe: Price is currently seen trading relatively deep within a weekly supply area at 110.652-108.123. We will now be primarily looking for selling opportunities. However, in the event a buy trade presents itself, extreme caution will be taken regarding trade management, and risk.

Daily Timeframe: Keeping in mind the weekly timeframe shows price is currently seen trading deep within weekly supply (levels above), the daily timeframe on the other hand shows price broke above and successfully retested the 108.421 level, not once, but twice (108.241/108.448), is this an early sign that price may trade deeper into the aforementioned weekly supply area? Be that as it may, the next area/level of interest on the horizon (resistance) is coming in at 110.390 (daily Quasimodo), where, if prices reach that high, we fully expect active sellers to come into the market, since this level sits very deep within the aforementioned weekly supply area.

4hr Timeframe: The 4hr timeframe is currently showing price trading around the 109 level, indicating the two tests of daily support at 108.421 do not have much creditably YET. The reason for this is very simple when we think about it logically, all price has effectively done is trade into the 109 level, we agree that this level will likely see a break north since the daily timeframe holds more weight, but waiting for that break is what’s important in our opinion. Once, or indeed if price successfully closes above the 109 level, and holds, we can be confident we may have a buying opportunity targeting the 110 level at least. Nevertheless, we mustn't forget that price is still trading within a weekly supply area (110.652-108.123) at the moment, so extra care would have to be taken regarding risk and trade management if any buy trades are executed.

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.

• 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.
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