ICmarkets

USD/JPY: The buyers have been on fire!!

FX:USDJPY   U.S. Dollar/Japanese Yen
36 2 1
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 very nearly pushed above the daily supply area at 101.962-102.257, if we see a break above; it would likely confirm buying strength from the aforementioned weekly R/S flip level, and this would then possibly see prices testing the daily resistance above at 102.713.

The buyers have really been on fire! A break of the round number 102 and the 4hr supply area at 102.191-102.104 has been seen. A wick that formed on 3/7/14 made a high of 102.257 potentially cleared the majority of the sellers around the high 102.157.

The green arc is simply placed on the chart to help show how pro money likely consumed sellers as price was dropping, take a look at all those wicks! Now with that in mind, price could very well punch straight through this area right? It could very do that if there was not a visible area of 4hr supply at 102.584-102.505 seen within. This area could have active sell orders still sitting there, so do note this area down. From where price is trading at right now, we could see a push right on up to the aforementioned 4hr supply area, but what if the big guys have not enough sell orders to buy into? Then a reversal will have to take place, this will fool a lot of the traders on the lower timeframes that price is heading south and sell orders will be pumped into the market, and of course pro money will gobble these orders up bit by bit down to at least the 4hr decision-point area at 102.027-102.080 where buy orders may overcome the sell orders and price will rally to the 4hr supply area (levels above) where selling pressure is expected.

Pending/P.A confirmation orders:

• The Pending buy order (Green line) set just above the decision-point area (101.187-101.276) at 101.292 has been removed since price rallied too far from the entry level for the time being.
• The pending buy order (Green line) set above the decision-point level (101.754) at 101.797 has been removed due to price not doing what we expected, thus making this trade invalid.
• New 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.


• Pending sell orders (Green line) are seen just below supply (103.294-102.983) at 102.953. A pending sell order was set here due to this being an area where likely unfilled sell orders are.
• New P.A confirmation sell orders (Red line) are seen just below supply (102.584-102.505) at 102.485. The reason we have set a P.A confirmation sell order here is because this is the only trouble area within a zone full of consumed sell orders, so we have to tread carefully here.
• The P.A confirmation sell order (Red line) set just below supply (102-191-102.104) at 102.074 has been removed as price traded 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 (SL: 103.317 TP: Dependent on price approach) P.A.C: 102.485 (SL: likely will be set at 102.617 TP: Dependent on approaching price action after the level has been confirmed).
dem0nd
2 years ago
buying hard now? It has broken 102.4. I think it's time to go long?
Reply
ICmarkets PRO dem0nd
2 years ago
No, our pending buy order was set at 102.100, if we bought any higher, in our opinion, we would be chasing price. Lovely price action seen though, fantastic how it moved through that zone of consumed supply!
Reply
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