ICmarkets

Well done to anyone who managed a long from 107.50/108.00

FX:USDJPY   U.S. Dollar/Japanese Yen
108 0 3
In recent trading, we can see that a little bit of life is beginning to emerge from weekly demand at 105.19-107.54. Assuming that the bulls continue nudging this market higher from here, the next port of call will likely be weekly resistance chalked up at 110.09. Turning our attention to the daily chart , demand at 107.60-108.35, which sits only a few pips above the aforementioned weekly demand, is holding firm. The next daily target from here sits at 110.96 – a little above weekly resistance at 110.09.

Over the past few days, we have been speaking about buying from the 107.50/108.00 H4 area (the green zone). Unfortunately, we were not able to pin down a lower timeframe setup from here and even if we had, we would have likely passed due to already being long the USD/CHF             . Well done to any of our readers who managed to board this train as target one, the H4 supply at 109.09-108.77, has been hit. Ultimately, we expect this supply to eventually cave in and for price to continue grinding higher owing to higher-timeframe buyers likely coming into the market now (see above). Supposing that we were long this pair, we’d look to trail our position behind H4 supports as we’d be aiming to take final profits around the 110.00 region – essentially the weekly resistance at 110.09.

For traders who missed the long from the 107.50/108.00 region, it would be relatively difficult to join in the run since there’s a tight cluster of troublesome areas lurking above the current supply (H4 supply at 109.90-109.54, psychological resistance 110.00 and H4 supply at 110.63-110.31), thus making an entry, at least form a risk/reward perspective, challenging.
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