ICmarkets

USD/JPY Technical outlook and review

FX:USDJPY   U.S. Dollar/Japanese Yen
158 0 3
4hr TF.

The higher picture resembles the following:

• The weekly timeframe shows price is trading around a long-term S/R flip level support at 101.206 with a positive close below yet to be seen.
• Buyers and sellers on the daily timeframe are currently trading within a range with resistance being seen above at 102.713 and daily demand seen below at 100.747-100.967.

On the 4hr timeframe, a mean-looking wick is seen above the 101.754 resistance level indicating the buyers could not overcome the sellers around this area. The sellers have remained control ever since with some serious selling being recently seen! However do not forget, on the weekly timeframe , all this represents is the sellers have sold into higher-timeframe support at 101.206.
A positive close below the low 101.227 has been seen, price is now relatively clear all the way down to the round number below at 101.000 where the buyers are likely to make an appearance soon, as if you remember we are not only now trading at only weekly demand (levels above), we are also entering a daily demand buy zone at 100.747-100.967 so higher prices are still naturally expected from around the round number 101.000 area.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above the decision-point level (101.400-101.465) at 101.483 is now closed in profit as the first take profit target was hit at 101.754.
• New pending buy orders (Green line) are seen just above the round number 101.000 at 101.020. The reason for setting a pending buy order here is because we are currently trading around weekly and Daily demand areas (101.206…100.747-100.967). We would not normally set a pending order around psychological levels such as these, but since we are in a great higher –timeframe location it is worth the risk (Weekly: 101.206 Daily demand:100.747-100.967).
• No P.A confirmation buy orders (Red line) are seen in the current market environment.


• Pending sell orders (Green line) are seen just below supply (103.294-102.983) at 102.953. A pending sell order was set here due to this being an area where likely unfilled sell orders are.
• P.A confirmation sell orders (Red line) are seen just below supply (102-191-102.104) at 102.074. A P.A confirmation order was used here purely for the simple fact we are trading around a higher-timeframe weekly support level at 102.206 meaning we may see a small reaction, but nothing to write home about, hence the need for confirmation!

• Areas to watch for buy orders: P.O: 101.483 (Closed in profit) (SL: 101.375 TP: 101.754 102.000) 101.020 (SL: 100.786 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: 102.953 (SL: 103.317 TP: Dependent on price approach). P.A.C:102.074 (SL: 102.214 TP: Dependent on approaching price action after the level has been confirmed).

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