USD/JPY: Potential shorting opportunity!

FX:USDJPY   U.S. Dollar / Japanese Yen
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Weekly Timeframe: The USD/JPY             pair continues to trade around a major weekly supply area (117.931-116.799) at the moment. Let’s take a look on the lower timeframes to see how price is structured.

Daily Timeframe: It was mentioned in the previous analysis that more buying could indeed be seen up to a daily Quasimodo resistance level at 117.120 (located within the aforementioned weekly supply area) before serious sellers enter into the market. As we can all see, this has indeed happened, let’s take a look on the 4hr timeframe to see if there are any opportunities to sell.

4hr Timeframe: Our bias for this market is very much short considering where price is located in the higher-timeframe picture (see above). We feel there is a potential shorting opportunity around 116.771, just below a 4hr Quasimodo resistance level at 116.814. Our stop-loos order will be placed quite a few pips above the round number (117) at 117.270, to avoid any fakeouts that may occur. First troublesome demand area to be watchful of is around 115.608, and the first-take-profit target for us will be set at 115.089, just above the round-number level 115.

Buy/sell levels:

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

• Sell orders: 116.771 (Predicative stop-loss orders seen at: 117.270).
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