USD/JPY: Potential short trade.

FX:USDJPY   U.S. Dollar / Japanese Yen
132 1 3
Weekly Timeframe: The weekly timeframe shows selling interest is beginning to come into the market within weekly supply at 110.652-108.123. Assuming follow-through selling is seen, we can likely expect price to test the 105.432 level (Resistance swap level) sometime in the near the future, since the path south appears to be clear of any obstacles (demand) on this timeframe.

Daily Timeframe: The daily timeframe shows yesterday was a clear ‘selling day’, with little buying interest being seen. If price continues south down towards the 108.421 level, things will get very interesting indeed! A break below this level would likely attract further selling down to a daily decision-point area at 106.799-107.108, and ultimately confirm selling strength from the current aforementioned weekly supply area. On the other hand, it would be a nightmare if prices held above the 108.421 level for traders who have sold at the weekly supply area, as this likely suggests buying strength within higher-timeframe supply - not a great combination!

4hr Timeframe: The 110 level has proved worthy; there was clearly some serious interest from the big boys around this area, which possibly indicates unfilled sell orders still remain.

A shorting opportunity may be occurring on the 4hr timeframe. The recent sell off saw numerous decision-points consumed. This suggests to us further selling may well be seen. Assuming price rallies back up to the 4hr supply area coming in at 110.081-109.712, active sell orders are very likely lurking just below here at 109.695.

We agree this trade would be going against the trend, but when price is located in a monster weekly supply area such as the one mentioned above, these types of trades in our opinion are high probability.

Buy/sell levels:

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

• Sell orders: 109.695 (Predicative stop-loss orders seen at: 110.157).

Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
yes you were right
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out