ICmarkets
Long

Updated technical outlook on the USD/JPY pair...

FX:USDJPY   U.S. Dollar/Japanese Yen
120 0 3
Weekly timeframe perspective: Along with the overall trend still firmly pointing north, buying pressure is being seen from deep within a small weekly decision-point demand area at 118.22-119.40. In the event that the buyers can continue with this tempo, it’s likely we’ll eventually see prices challenge the weekly Quasimodo resistance level seen at 122.18.

Daily timeframe perspective: The daily timeframe shows price is currently trading within a minor daily supply area seen at 121.18-120.08. A convincing push above this barrier could very well be the catalyst needed for a move up to the aforementioned weekly Quasimodo resistance level.

4hr timeframe perspective: Yesterday’s sessions saw price action spike south to 4hr demand at 119.63-119.86, which, as you can see, forced prices to rally up to a minor 4hr swap level coming in at 120.60.

The spike seen above 120.60 has likely flushed most of the traders out who attempted to fade this 4hr swap level, thus clearing the road north for further buying up to 4hr supply at 121.18-120.92. Therefore, we now have potential direction north. That being the case, the next thing we’re going to naturally think to look for is where to buy, right? The area we have our eye on at the moment is the 4hr demand area seen below at 119.84-120.05, which also boasts additional support from the round number 120.00. As long as price does not hit the aforementioned 4hr supply before touching base with this 4hr demand area, we’re still in good shape. So, we now have both direction and a place to buy from. At this point, you may also be thinking why are they buying into daily supply at 121.18-120.08? Good question! Granted, we may be buying into daily supply, but we’re also buying WITH the weekly trend and from a weekly decision-point demand area (for levels see above), since in our experience the higher timeframes usually take precedence.

With all of the above taken into consideration, our team have placed a pending buy order just above the aforementioned 4hr demand area at 120.07, with a stop placed just below at 119.79.

Current buy/sell orders:

• Buy orders: 120.07 (Predicative stop-loss orders are seen at: 119.79).

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