USD/JPY: Technical outlook.

FX:USDJPY   U.S. Dollar / Japanese Yen
232 0 4
Weekly gain/loss: - 53 pips
Weekly closing price: 101.26
Weekly opening price: 101.11

Weekly view: From this viewpoint, we can see that weekly action remains hovering just ahead of a weekly support level at 100.61. There is clearly some buying interest seen around this area, how much though is difficult to judge at this point. On the assumption that the buyers do turn things around here, the next upside target to have an eyeball on can be seen at 103.22: a weekly resistance level . A break below the current weekly level would, however, likely place the candles within striking distance of a weekly demand area at 96.56-98.59.

Daily view: Down here on the daily chart , nevertheless, price is seen ranging between the above said weekly support level and a minor daily supply area 102.83-101.97 (green arrow). A break above this area will likely force price to collide with a daily resistance zone drawn from 103.50-103.89, while a push below the weekly support could place the daily support level at 98.78 in the limelight.

H4 view: Friday’s US session saw the USD/JPY             aggressively sell off following a less-than-impressive US retail sales report. It was only once price shook hands with the 101 handle did we see things begin to stabilize going into the week’s close.

Direction for the week: Seeing as how price is lurking nearby a weekly support level (see above) at the moment, direction for the week will likely be north.

Direction for today: In view of the direction for the week, there’s a very interesting buy zone being seen on the H4 chart right now: the 100.00/100.61 region (green box). Building a case for entry here we have the following:

• The weekly support at 100.61.
• A H4 Quasimodo support at 100.19.
• Key figure 100.00.
• A H4 AB=CD approach taken from the high 102.65.

Our suggestions: A long trade from the above said H4 green zone is a high-probability reversal area in our book. Therefore, our team has set an alert at the 100.60 mark. Once/if this triggers, our team will begin hunting for lower timeframe buy entries into the market from here, targeting the 101 handle as a first take-profit target. Why we still require lower timeframe confirmation here is simply due to the overall trend this pair is in right now.
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