ICmarkets
Long

USD/JPY Technical outlook and review...

FX:USDJPY   U.S. Dollar/Japanese Yen
242 0 4
Weekly timeframe perspective: Last week shows that selling was seen on the USD/JPY             pair, which as a consequence forced price down towards a minor weekly decision-point demand area coming in at 118.22-119.40. If price can hold out above this level, we then feel there’s a very good chance that the buyers will attack the weekly Quasimodo resistance level seen above at 122.18.

Daily timeframe perspective: From the daily timeframe , we can see that price is currently capped between a daily supply area coming in at 122.01-121.10 and a weak-looking daily demand area at 119.37-119.81. A break above here will clearly allow price to challenge the aforementioned weekly Quasimodo resistance level . A break lower on the other hand, will likely force price to test a small daily demand area seen at 118.61-119.05, which, if you look back to the weekly chart, you’ll notice that it’s located relatively deep within the aforementioned minor weekly decision-point demand area.

4hr timeframe perspective: Given that the weekly chart is showing price hovering above weekly demand at the moment, and the daily chart , albeit in a phase of consolidation, is not showing any near-term resistance until the upper limits of this daily range (see above), the focal point for today, and possibly into the week, will be on looking for longs.

The 120.00 handle could be a good starting point around the open. In the event that a confirmed entry is seen here, we’ll be looking to target 120.60 and 121.00 However, be mindful of the possibility that price may fake lower to the 119.74 number. This level was where serious buyers came into the market last week, thus there could very well be unfilled buy orders still active around this area. Be that as it may, this does not mean we’re confident enough to place a pending buy order here. Similar to buying at 120.00, we would need to see some sort of buying strength form on the lower timeframes before risking our money. Assuming a confirmed entry is seen, we’ll ultimately be watching for price to take out potential resistance at 120.00 first and foremost.

Current buy/sell orders:

• Buy orders: 120.00 (Predicative stop-loss orders seen at: dependent on where one confirms this level) 119.74 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

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


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