USD/JPY - Looking for longs at 117.398

FX:USDJPY   U.S. Dollar/Japanese Yen
285 1 6
Weekly Timeframe: Aggressive selling has been seen on the USD/JPY             pair from just below a weekly Quasimodo resistance level at 122.180. This has consequently forced prices down to a weekly swap area coming in at 117.931-116.799. Let’s take a look on the lower timeframes to see what we can find.

Daily Timeframe: The daily timeframe shows that the buyers and sellers are currently battling for position around a small daily demand area seen at 117.225-117.873. Assuming that the sellers are victorious here, we feel there is a good chance that further selling will be seen down towards a major daily swap level coming in at 115.503.

4hr Timeframe: A sell off has recently been seen on the USD/JPY             pair consequently bringing prices down to around 118 (seen just above the daily demand area at 117.225-117.873). In the event that a 4hr close is seen below here, this will likely encourage further selling down towards 117.344, a 4hr Quasimodo support level (seen very deep within the aforementioned daily demand area). We would be very interested in buying here around the 117.398 mark, but only with lower-timeframe confirmation mind you. The reason being is simply because pro money may fake price into 117 to gather liquidity in the form of sell stops from traders attempting to fade, and also break buyers’ sell orders to buy into.

Current buy/sell levels:

• Buy orders: 117.398 (Predicative stop-loss orders seen at: 116.924).

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