ICmarkets

USD/JPY: Weekly technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
29 0 1
Weekly TF.

Last week saw the buyers pushing price north relatively hard in comparison to the last few weekly candles; nonetheless, selling pressure was seen as sellers pushed price down from the 103.082 area to where price closed the week at 102.554. Price still remains capped between a long-term weekly R/S flip level at 101.206, and weekly supply above at 105.432-104.065.

Daily TF.

The three spikes seen above the daily resistance level at 102.713 possibly consumed the majority of the sellers around this area, which likely cleared the path up to around daily supply at 104.104-103.802; however, price could see a sell off before this area gets hit. Two areas of demand have caught our eye, the first being a near-term daily S/D flip area at 101.962-102.257, and the second, the dally demand area much lower at 100.747-100.967 before a stronger advance is seen, so do be prepared for this to possibly happen sometime soon.

4hr TF.

The sellers appeared slow at first around the 4hr supply area at 103.294-102.983 but eventually became very active during Friday’s sessions and pushed price below the 4hr S/D flip area at 102.584-102.505.

Taking into consideration the bigger picture for a moment (see above for details), a bearish reversal is expected before one can expect higher prices. Now, we can assume a lot of buyers got stopped out around the 4hr S/D flip area (levels above) with their stops being set just below, but would these sell orders (stops from traders attempting to go long) be enough liquidity for pro money to buy into? That is the big question, we believe doubtful, as price has not even touched the daily S/D flip area at 101.962-102.257 (see above on the daily timeframe analysis for details). With this in mind, we are seriously looking at the 4hr decision-point area lower down at 102.027-102.080 where the sharp burst of buying began, and as added confluence, this area is beautifully located around the daily S/D flip area just mentioned, so all in all, a fantastic area to keep an eye on during the week.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point level (102.027-102.080) at 102.100. We have set a pending buy order here since this remains the place on this timeframe where pro money likely made the decision to push price up so aggressively, which indicates the strong possibility that unfilled buy orders may still be present and active here.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.


• The pending sell order (Green line) set just below supply (103.294-102.983) at 102.953 has now been closed in full profit due to our final take-profit level was hit late on Friday at 102.584.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 102.100 (SL: 101.971 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 (Closed in full profit) (SL: 103.317 TP: 102.814 102.584) P.A.C: No P.A confirmation sell orders are seen in the current market environment.

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