ICmarkets

USD/JPY: Technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
110 0 1
4hr TF.

The higher-timeframe picture resembles the following:

Weekly TF: Serious buying has pushed price very deep within a weekly supply area at 105.432-104.065 with little interest being seen by the sellers at the moment, a break above here could likely trigger buying interest up to around a weekly supply area at 110.652-108.123.

Daily TF: In light of the recent buying activity seen on the daily timeframe , Price is now currently seen entering in a huge daily supply area at 106.946-105.083. To the left of current price there is very little stopping the buyers from pushing even higher (take a look at those mean wicks which likely consumed supply as price was declining ). This all however depends on whether pro money has the liquidity (sell orders for their buys) to push prices higher at this point, if not we can likely expect a retracement down to a beautiful-looking daily demand area at 103.544-103.911.

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The recent strength seen on the USD/JPY             pushed price above not only a 4hr supply area at 104.831-104.591, but also the round number 105. Looking to the far left of current price action; there is nothing (in our opinion) but consumed supply! Take a look at that huge spike/wick at 105.348 (originally seen on the daily timeframe , but much clearer on the 4hr timeframe) consuming 4hr supply around the 105.270 level, it is a thing of beauty!

So, from here, prices could very likely continue higher, a retest of the round number 105 could very well be seen soon, so we will set a P.A confirmation buy level just above at 105.028. If a break below here is seen, there’s very little stopping price on this timeframe from hitting the 4hr R/S flip level support at 104.264.

Pending/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• New P.A confirmation buy levels (Red line) are seen just above the round number 105 at 105.028. The reasoning behind setting a P.A confirmation buy level here is simply because round number levels are highly prone to deep spikes, which regularly stop traders out, hence the need for confirmation on this one.
• The P.A confirmation buy level (Red line) set just above the round number 103 at 103.037 has been removed, since price is trading too far from the entry level for the time being.

• The pending sell order (Green line) set just below 4hr supply (104.831-104.591) at 104.568 has been stopped out.
• The P.A confirmation sell level (Red line) set just below 4hr resistance (104.264) at 104.227 has now been cancelled, because the sellers could not successfully confirm this level.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. . P.A.C: 105.028 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• 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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