Quick update on the Yen...

FX:USDJPY   U.S. Dollar/Japanese Yen
199 2 1
Weekly Timeframe: At the time of writing, the buyers appear to be attempting to breakout north from the symmetrical triangle extended from the high/low 121.83/117.43. In the event that the buyers are successful in their attempt, this could spark further rallying towards a major weekly Quasimodo resistance level seen above at 122.18.

Daily Timeframe: The latest from the daily timeframe reveals that price was unable to close below the daily decision-point demand area at 118.32-119.09. Pro money may have used this area to gather liquidity - sell stops to buy into. Further buying from here will likely force price to attack last Wednesday’s high at 120.47, and if this is taken out, price would then potentially be free to hit a drop-base-drop daily supply area seen at 122.61-121.54 (encapsulates the aforementioned weekly Quasimodo resistance level ).

4hr Timeframe: The buyers were certainly in control of this market yesterday; price took out the 119.00 psychological threshold, and hit a 4hr swap level coming in at 119.35.

119.35 is a rather significant level to us for the simple reason that it remains a key obstacle to a move higher up towards 120.00. The team reported that they are not really comfortable selling from 119.35, since potential support is looming just below at 119.00. They are however interested in buying this pair if price closes above 119.35. Buying the breakout though is not something our trading plan permits; it works for some, just not for us. We’d much rather prefer to wait and see if price retests this level as support and then look for lower timeframe confirmation before risking any capital. However, keep in mind that by buying here, you could potentially be buying from weekly sellers who are likely attempting to short the upper limit of the aforementioned symmetrical triangle, so remain vigilant.

Current buy/sell orders:

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

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

I like your idea of waiting. It's thin now, compared to a month or more ago. Very thin, actually, with talk of order pulls recently. Nothing like fake liquidity to mess up your day.
ICmarkets PRO SetagayaGirl
Hi SetagayaGirl,

As always, thanks for your comments, much appreciated.

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