Further buying is expected on the USD/JPY.

FX:USDJPY   U.S. Dollar / Japanese Yen
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Weekly Timeframe: Further buying is indeed being seen on the USD/JPY pair. This comes after price positively closing above a major weekly supply area at 117.931-116.799 last week. Does this mean we could possibly be seeing further buying up to a weekly Quasimodo resistance level seen at 122.180? Let’s take a look on the lower timeframes to see how price is structured.

Daily Timeframe: Even though the USD has been absolutely slaughtering the Yen lately, we are still seeing price in a supply area (119.820-118.700) on the daily timeframe . It will be very interesting to see what the 4hr timeframe picture looks like with this recent buying pressure.

4hr Timeframe: In the previous report, we mentioned that for us to become interested buyers on this pair, we would need to see a positive close above 119, and as we can all see, this has indeed happened.

Let’s just quickly recap here. We are seeing positive buying action on the weekly timeframe with no significant resistance on the horizon, and assuming the buyers can hold above 119 on the 4hr timeframe; this is in our view is confirmation of buying strength. The only grumble we have is that price is currently in daily supply (levels above) at the moment.

Given the points made above, we are favoring longs for the time being, and will be watching for price to retest 119 where we’ll attempt to enter long with lower-timeframe confirmation around 119.057.

Buy/sell levels:

• Buy orders: 119.057 (Predicative stop-loss orders seen at: 118.755).

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