ICmarkets

USD/JPY Technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
32 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Buyers are currently pushing prices up hard from the long-term weekly R/S flip level at 101.206, which has been providing support to the market now since the 3rd of February 2014.
• Daily timeframe: Price has successfully closed above the daily supply area at 101.962-102.257 with buyers and sellers currently seen battling it out around a daily resistance level at 102.713. If the sellers are consumed here, there is no reason why a push up to a beautiful-looking daily supply area at 104.104-103.802 won’t be seen.

We have been reporting for quite some time now that price could very well push hard north just like it has done due to there being a lot consumed supply to the far left. We did however expect some sort of a reaction around the fresh 4hr supply area at 102.584-102.505, since this was the only area within the consumed supply zone that likely had active sell orders, if there were any, these orders were clearly not enough to stop the buying onslaught recently seen. We were quite disappointed as we had a pending buy order set at 102.100 expecting a small retracement before prices took off north!

Sellers came into the market around the 4hr supply area at 103.294-102.983 which also has the round number 103 located just within. Price now remains capped between the aforementioned 4hr supply area and a 4hr S/D flip area below at 102.584-102.505. Taking into consideration the higher-timeframe picture for a moment, buying strength is appearing very strong at present, as explained above, if we see the sellers fully consumed around the daily S/R flip level (for level see above) price could very well push much higher, also not forgetting we have just come off of some awesome weekly support at 101.206 as well! So, traders who are short at this 4hr supply area need to remain vigilant as price could trade higher very soon.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point level (102.027-102.080) at 102.100. We have set a pending buy order here since this is the most obvious place pro money will bring prices down to, to collect liquidity.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.


• The pending sell order (Green line) set just below supply (103.294-102.983) at 102.953 is now active, we have taken partial profits already at 102.814 due to where price is located on the higher timeframes right now (Just come off of an awesome weekly support level at 101.206 and daily resistance is showing weakness at 102.713). Our final target is set at 102.584, so do keep an eye on this area.
• The P.A confirmation sell order (Red line) set just below supply (102.584-102.505) at 102.485 has been cancelled since price blew straight through our entry level.

• Areas to watch for buy orders: P.O: 102.100 (SL: 101.971 TP: Dependent on price approach).P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 102.953 (Active) (SL: 103.317 TP: Taken partial profits already at 102.814 102.584) P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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