USD/JPY: Buy the dips up to weekly supply at 110.652-108.123
Weekly TF: 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 TF: The buying seen on this pair is pushing prices deeper within a daily supply area at 106.946-105.083. This area will not likely hold up since most, if not all of the major supply has already been consumed, take a quick look in history within the zone, can you see all those wicks/spikes north (from 106.946 to 106.124)? Unfortunately, we do not have the historical data to go deeper on the lower timeframes, but from this timeframe we see very little supply stopping prices from reaching the weekly supply area mentioned above at 110.652-108.123.
4hr TF: The P.A confirmation sell level set just under the pink QM level resistance (105.301) at 105.262 stood no chance against the vicious buying onslaught recently seen. As already mentioned above, our historical data does not reach far enough back for us to look into the daily supply area (106.946-105.083) in more detail. With that being said, we were able to likely conclude price intended to trade higher (see above), so for the time being, we have absolutely no interest in selling this market , we’ll now be focusing on buying opportunities.
Pending orders/P.A confirmation levels:
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment P.A.C: No P.A confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.
Daily TF: The buying seen on this pair is pushing prices deeper within a daily supply area at 106.946-105.083. This area will not likely hold up since most, if not all of the major supply has already been consumed, take a quick look in history within the zone, can you see all those wicks/spikes north (from 106.946 to 106.124)? Unfortunately, we do not have the historical data to go deeper on the lower timeframes, but from this timeframe we see very little supply stopping prices from reaching the weekly supply area mentioned above at 110.652-108.123.
4hr TF: The P.A confirmation sell level set just under the pink QM level resistance (105.301) at 105.262 stood no chance against the vicious buying onslaught recently seen. As already mentioned above, our historical data does not reach far enough back for us to look into the daily supply area (106.946-105.083) in more detail. With that being said, we were able to likely conclude price intended to trade higher (see above), so for the time being, we have absolutely no interest in selling this market , we’ll now be focusing on buying opportunities.
Pending orders/P.A confirmation levels:
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment P.A.C: No P.A confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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