ICmarkets

USD/JPY Technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
83 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: A long-term weekly R/S flip level at 101.206 has been providing support to the market now since the 3rd of February 2014, so this is definitely a level worth watching.

• Daily timeframe: Current trading action is taking place just below a daily supply area at 101.962-102.257, if we see a break above this area; it would likely confirm buying strength from the aforementioned weekly R/S flip level.

The market opened up at 101.769, the sellers then made a pathetic attempt to trade below the 4hr decision-point level at 101.754, but were quickly stopped as the buyers then took over pushing prices higher. Selling pressure is now being seen around the 101.902 area, this was to be expected. A break above the aforementioned level would likely seal the deal for a test of the round number 102 above at least.

The daily timeframe shows we are trading just below daily supply, but the weekly timeframe shows we are trading off of a weekly R/S level (for the levels, see above), so we are naturally expecting higher prices sometime soon, as we always support the notion: ‘higher timeframes usually overrule the lower ’.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point area (101.187-101.276) at 101.292. The reason a pending buy order has been set here is because this remains an important area as this is the likely where pro money buyers made the ‘decision’ to push prices higher above the D/S flip area at 101.400-101.465, making this zone a magnet for a first-time reaction.
• The pending buy order (Green line) set just above the decision-point level (101.754) at 101.772 is now active, so do keep an eye out for our first take-profit level set at 102.000 to be hit.
• 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 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: 101.292 (SL: 101.166 TP: Dependent on price approach) 101.772 (Active) (SL: 101.686 TP: 102.000 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: likely will be set at 102.214 TP: Dependent on approaching price action after the level has been confirmed).
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