ICmarkets

USD/JPY: Weekly technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
45 0 0
Weekly TF.

Last week was clearly a bearish one since price action seems to have seen a sell off back down to the long-term weekly R/S flip level at 101.206. If a break below this level happens, it is expected that a drop to the downside could be seen towards weekly demand at 96.554-98.585, but for the time being, price remains capped between the aforementioned weekly R/S flip level and a weekly supply area above at 105.432-104.065.

Daily TF.

The three spikes seen above the daily resistance level at 102.713 possibly consumed the majority of the sellers around this area, which likely cleared the path up to around daily supply at 104.104-103.802; however, price could see a sell off due to pro money liquidity requirements (not enough sellers to buy into) before this area gets hit. The area of daily demand that grabs our attention currently is below at 100.747-100.967, which is beautifully located just under the weekly R/S flip level (levels above). This daily demand area could help facilitate a nice fakeout of the weekly R/S flip level that will no doubt stop millions of traders out in the process, giving pro money the liquidity they require for higher prices up to daily supply at 104.104-103.802.

4hr TF.

A beautiful reaction off of a 4hr decision-point area at 101.406-101.531 (which is the highest of the three stacked demand areas) happened late last week, which consequently pushed prices back up to the round number 102.

The daily timeframe analysis reports we could likely see more selling before serious buying is seen. Other than the aforementioned 4hr decision-point area, which has already seen a nice reaction, we see two lower areas of 4hr demand (stacked) at 101.187-101.276…101.306-101.365 which both likely have active buyers waiting. However, even though these 4hr areas of demand do look juicy, we have to be prepared for a further push down beyond these areas to the round number 101, as this is very neatly located just above the daily demand area at 100.747-100.967.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above the 4hr demand area (101.187-101.276) at 101.282. A pending buy order has been placed here simply because we are trading relatively close to daily demand at 100.747-100.967 and also this 4hr area remains fresh and untouched for the time being.
• New pending buy orders (Green line) are seen just above the 4hr demand area (101.306-101.365) at 101.375. A pending buy order has been placed here simply because we are trading relatively close to daily demand at 100.747-100.967 and also this 4hr area remains fresh and untouched for the time being.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment

• Areas to watch for buy orders: P.O: 101.282 (SL: 101.158 TP: Dependent on price approach) 101.375 (SL: 101.158 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell orders are seen in the current market environment.

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