Our take on the USD/JPY...

FX:USDJPY   U.S. Dollar / Japanese Yen
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Kicking off this morning’s analysis with a look at the weekly chart shows price remains loitering between a swap support area at 122.01-121.40 and a supply area seen at 125.27-124.11. Down on the daily timeframe , however, we can see that price has begun to carve out a consolidation zone fixed between 123.59/122.22.

Turning our attention to the H4 timeframe, price responded beautifully to the H4 demand yesterday coming in at 122.22-122.42, reaching highs of 122.93 on the day. Now, given the position of price on the daily timeframe , here’s what levels we’re looking at today and possibly tomorrow:

1. Granted, demand at 122.22-122.42 could potentially see another bounce higher, but what we’re really interested in right now is psychological support below it at 122.00, as this beauty lines up perfectly with the top-side of the aforementioned weekly swap (support) area.

2. Psychological resistance 123.00 and the swap resistance just above it at 123.24 both could potentially see reactions, but not much more than a quick intraday bounce in our opinion. The Quasimodo resistance at 123.59 on the other hand may see a stronger move, due to it being closely related to the mid-level resistance 123.50, and also because it represents the upper limit of the daily range.

3. Also, do keep a tab on the supply sitting at 124.14-123.88. Not only is this area glued to the underside of the weekly supply mentioned above at 125.27-124.11, but it is also positioned just below daily supply seen at 124.61-124.19.

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