ICmarkets
Long

Looking to go long from 120.18...

FX:USDJPY   U.S. Dollar/Japanese Yen
165 0 5
After four weeks of rather monotonous trading, the USD/JPY             came alive last week! A 220-pip decline took place consequently slicing through a weekly swap support (now resistance) area at 122.01-121.40, and closing relatively near its lows at 120.92. On the condition that the sellers are able to hold this market lower from here this week, we may see the weekly support area at 118.22-119.25 come into play.

From the daily timeframe , however, price is painting a slightly different picture. Last week’s selling broke through 122.22 (previous range support) on Wednesday, and later on retested this number as resistance during Friday’s trade. This, as you can see, aggressively pushed price lower winding up closing the week just above a daily support base at 120.02-120. 44             . This area, combined with trendline support taken from the low 116.07 and 61.8% Fibonacci level at 120.24, makes this one heck of a buy zone to have on your watch lists this week traders.

Moving down into the pits of the H4, U.S. trade closed the week below psychological support 121.00. Taking into consideration all of the above, we are hoping to see this figure hold as resistance today and push this market lower. The reason for why is simply because we have our beady little eye on the Quasimodo support level seen below at 120.16. This hurdle sits snug within the above said daily support base and looks ripe for a rebound sometime this week.

With this, our team has placed a pending buy order just above this level at 120.18 with stop set below at 119.90. We will be extra cautious regarding profit taking here, and will have little hesitation in closing the full position early, since let’s not forget where the weekly action is currently positioned (see above).

Levels to watch/ live orders:

• Buys: 120.18 Pending order (Stop loss: 119.90).
• Sells: Flat (Stop loss: N/A).

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