ICmarkets

USD/JPY A push lower down to 101.227 is expected to be seen

FX:USDJPY   U.S. Dollar/Japanese Yen
29 0 0
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 daily resistance being seen above at 102.713 and daily demand seen below at 100.747-100.967.

This is just beautiful; the action being seen on this pair is fantastic at the moment. The tail marked with an arrow at 101.425 was very likely sent down by pro money to consume the buyers lurking around the D/S flip area at 101.400-101.465, as price is currently seen trading just below the low of the aforementioned tail.

Now with a direction being possibly shown, we can expect prices to drop to at least the 101.227 area, as this was an obvious area where pro money decided to advance price north in the first place, so do be prepared for a nice bullish reaction around this area when/if price reaches this far.

Pending/P.A confirmation orders:

• 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 a weekly support level (101.206). 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.
• Pending buy orders (Green line) are seen just above the 101.227 area at 101.249. The reason a pending buy order has been set here is because this was clearly an area where pro money buyers decided to rally prices higher, thus opening the possibility of unfilled buy orders still being active there.
• 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.
• The pending sell order (Green line) set just below a decision-point level (resistance, 101.754) at 101.696 is now active, our first-take profit level set at 101.465 has been hit, do keep an eye on our second, and final take-profit level set below at 101.227.
• P.A confirmation sell orders (Red line) are seen just below supply (102-191-102.104) at 102.074. A P.A confirmation sell order was used here purely for the simple fact we are trading around a higher-timeframe weekly support level at 101.206 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: 101.020 (SL: 100.786 TP: Dependent on price approach) 101.249 (SL: 101.153 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) 101.696 (Active) (SL: 101.862 TP: 101.465 101.227) P.A.C:102.074 (SL: 102.214 TP: Dependent on approaching price action after the level has been confirmed).
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