Our take on the USD/JPY pair...

FX:USDJPY   U.S. Dollar / Japanese Yen
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Weekly Timeframe: Last week shows price closed (120.69) above the upper limits of a weekly symmetrical triangle formation (121.83/117.43). This move has very likely cleared the path north for further buying up to a weekly Quasimodo resistance level coming in at 122.18.

Daily Timeframe: From the pits of the daily timeframe , we can see that Friday’s trading sessions forced price to close just above a daily resistance level seen at 120.45 (more than likely caused by the positive NFP number). This move has very likely opened the gates for prices to challenge the daily supply area seen above at 122.61-121.54 (encapsulates the aforementioned weekly Quasimodo resistance level ).

4hr Timeframe: Looking at the 4hr timeframe, we can see that price recently rallied and viciously spiked above the 121.00 handle before selling off into the close. This spike seen at 121.27 likely stopped out the majority of traders attempting to fade this number, and also, at the same time potentially trapped breakout buyers in the process.

With that being said, we feel that if the buyers can hold out above the daily resistance – turned support at 120.45 this week, price will likely close above 121.00 and potentially see further upside towards 4hr supply at 121.83-121.52, which is hanging just below the daily supply area mentioned above at 122.61-121.54.

Given the points made above, our team’s main focus today will be on the 120.45 mark. If we manage to find a confirmed entry long here on the lower timeframes, we’ll look to ride this train up to 121.48 (seen just below the aforementioned 4hr supply area). However, depending on how price behaves around the 121.00 number, we may take some of our position off the table here.

Current buy/sell orders:

• Buy orders: 120.45 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

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

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