Our take on the Yen, anyone seeing different???

FX:USDJPY   U.S. Dollar / Japanese Yen
186 0
Weekly Timeframe: Supportive pressure continues to be seen on the weekly timeframe from a small, yet clearly reactive weekly decision-point demand area at 118.22-119.40. In the event that further buying is seen on the basis of this support, we’ll likely see price shake hands with a major weekly Quasimodo resistance level coming in just above at 122.18.

Daily Timeframe: The daily timeframe on the other hand, shows that before the market can reach the aforementioned weekly Quasimodo resistance level , the buyers will have to chew through daily supply at 122.01-121.10. Let’s take a look at what the 4hr timeframe makes of this…

4hr Timeframe: The latest coming in from the 4hr timeframe reveals that price has been teasing the 121.00 handle. Selling from this number when support is being seen on the weekly timeframe is not something we have any interest in taking part in. A break above 121.00, however, would likely force the market to test an extremely attractive fresh 4hr supply zone at 121.39-121.21 (sells seen just below at 121.17). Apart from being located within the aforementioned daily supply area, this 4hr supply had fantastic momentum south (FOMC induced), and, as you can probably see, also converges nicely with a minor 4hr trendline extended from the high 121.66, therefore a bounce is expected should price reach here today.

As a final point, if price firmly closes above the aforementioned 4hr supply area, this will, at least for us anyway, suggest price is headed for the weekly Quasimodo resistance level mentioned above. The reason for why is simply because we see little active supply remaining to the left.

Current buy/sell orders:

• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).

• Sell orders: 121.17 (Predicative stop-loss orders seen at: 121.42).

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