ICmarkets

USD/JPY Technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
23 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 102.206 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.

It was reported in the last analysis regarding the 4hr timeframe that price will still very likely visit the next decision point level at 101.400-101.465 after seeing the prior decision point level at 101.754 consumed.
Price did in fact hit our decision point level with a beautiful bullish reaction being seen, the first trouble are for the buyers is to likely be the old decision point level at 101.754 which is now resistance, so do watch this area closely!
If we see a positive break above the aforementioned resistance level , there is very little in the way of trouble supply areas to stop price from at least hitting the psychological number 102.000.

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 active; do keep an eye on our first take-profit level round the 101.754 area.
• 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.
• New 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 (Active) (SL: 101.375 TP: 101.754 102.000).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: 102.214 TP: Dependent on approaching price action after the level has been confirmed).

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