So, for those who read our previous report on the USD/JPY
pair you may recall that we highlighted the 100.00/100.21 range (green zone) as a possible buy zone. Given that it merged beautifully with a H4 88.6% Fib support at 100.07, a H4 AB=CD
completion point at 100.21 and was positioned around the top edge of a daily demand base seen at 99.53-100.23, it should not come as too much of a surprise to see price rotated from this area. Well done to any of our readers who managed to lock down a position from here, as price is now seen treading water around a H4 resistance level
at 100.82: a very suitable first take-profit range.
For those who missed our call yesterday, you may be given a second chance to join this move today should we see a decisive close above the aforementioned H4 resistance. A retest to the top edge of this boundary followed by a H4 bullish
close, would, at least in our book, be enough to permit a long entry, targeting the H4 resistance area
at 101.41-101.62, followed by the 102 boundary.
Levels to watch/live orders:
• Buys: Watch for price to close beyond the H4 resistance level
at 100.82 and then look to trade any retest seen thereafter - waiting for a H4 bullish
close to form following the retest is preferred (Stop loss: beyond the trigger candle).
• Sells: Flat (Stop loss: N/A).