Our take on the USD/JPY....

FX:USDJPY   U.S. Dollar / Japanese Yen
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Although price moved very little throughout the course of the day yesterday, the structure of price action is interesting. Psychological resistance 118.00 was clearly well-offered during the day. However, notice what price was doing below this number… Check out the lows printed at 117.92/117.22/117.38. These are, as far as we see, demand consumption tails. In other words, unfilled buy orders were being filled as price attempted to break above 118.00.

Therefore, with candle action suggesting further buying could take place today, and both weekly and daily support (116.71/ 116.87) bolstering this market right now, where do we go from here? Well, much the same as yesterday’s analysis, our outlook for today is relatively simple. Either price breaks above 118.00 and retests it as support to enter long, or price continues to trade lower and we remain flat. In the event the former takes place, we’ll be looking to close the full position out around the weekly resistance level at 118.84.

Levels to watch/live orders:

• Buys: Watch for offers to be consumed around 118.00 and look to trade the retest thereafter (lower timeframe confirmation preferred).
• Sells: Flat (Stop loss: N/A).

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I like your thinking and rationale on this !
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