ICmarkets
Long

Ideal area to look for buying opportunities on the USD/JPY

FX:USDJPY   U.S. Dollar/Japanese Yen
176 1 9
Thanks to both the BoJ and the Fed yesterday, the USD/JPY             couple dropped close to 140 pips on the day (open/close). Several H4 technical supports were wiped out during the bearish onslaught, leaving price closing the day ahead of the key figure 100.00. Taking into consideration that 100.00 ties in nicely with a H4 88.6% Fib support at 100.07, a H4 AB=CD completion point at 100.21 and is also now seen treading water within a daily demand base seen at 99.53-100.23, we feel the pair is likely to reverse tracks sometime today.

Our suggestions: Should one deem the 100.00/100.21 range (green zone) a stable enough area to enter at market from, we would advise being conservative with your stops and placing them beyond the current daily demand area around the 99.50ish range. If you’re like us, however, and prefer to wait for a H4 bullish close to form, stops could then potentially be placed below the trigger candle, thus increasing risk/reward should the trade move favorably.
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