ICmarkets

USD/JPY: Technical outlook and review.

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 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: The daily timeframe shows that further buying was seen yesterday consequently breaking above a daily supply area seen at 119.820-118.700. Assuming that the majority of sellers have been consumed here, the path north would likely be clear up to a daily supply area coming in at 122.610-121.540, which beautifully surrounds the aforementioned weekly Quasimodo resistance level beautifully.

4hr Timeframe: We mentioned in the previous analysis that we were looking to buy the retest of 119, but as we can all see this never got hit. The recent buying momentum has formed a 4hr demand area seen at 119.116-119.323, which could provide a nice base from which to enter long from if price returns (tentative buy orders seen just above at
119.361). With the higher timeframes indicating that prices could indeed continue to rally higher, we would usually set a pending buy order above a demand area such as this. However, with the psychological level 119 floating just below, it could be too tempting for pro money to fake prices lower. Therefore, lower-timeframe confirmation will be required for any buy trades taken here.

Buy/sell levels:

• Buy orders: 119.361 (Predicative stop-loss orders seen at: 118.935).

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

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