Interesting price action seen on the Yen for this week!

FX:USDJPY   U.S. Dollar / Japanese Yen
219 0 3
Weekly view: For the past month or so, the buyers and sellers have been seen battling for position within a weekly demand area coming in at 118.22-119.40. Last week’s candle clearly showed that the bears overwhelmed the bulls within this zone, but as you can see, this was still not enough to close prices below the prior week’s low 118.56. Therefore, despite the disappointing performance seen from the buyers last week, our bias will remain north on this pair as long as price continues to hold within this weekly demand zone .

Daily view: From the daily scale, we can see that prices closed the week just above a daily trendline extended from the low 115.55, which also boasts additional supportive confluence from daily support coming in just below it at 118.62 (located deep within the aforementioned weekly demand area).

4hr view: Friday’s sell off that smashed through the 119.00 handle has helped complete what we believe the Harmonic technical community labels a Gartley bullish pattern . This, in our opinion could not have formed in a better place. The yellow zone depicts 4hr harmonic support – 0.786 XA retracement, an AB=CD equivalent pattern with beautiful market symmetry and a BC             projection which complements the zone at 1.618. This supportive base, coupled with the fact that price is trading not only within weekly demand, but also around a daily support with a converging trendline (see above) makes this an incredibly confluent area of support in which to look for buy trades today/this week. If one is considering entering at market here, stops would be best placed below the X point 118.52. However, for us personally, lower timeframe confirming price action will still be required here. The reasons for why are simply because we have potential round-number resistance looming just above at 119.00. Therefore, waiting for the lower timeframes to confirm that buying interest exists here is, in our opinion, the best path to take.

Current buy/sell orders:

• Buy orders: 118.87/118.52 (Predicative stop-loss orders seen at: Ideally below 118.52).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).

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