ICmarkets

USD/JPY: Technical outlook and review.

FX:USDJPY   U.S. Dollar/Japanese Yen
180 0 2
4hr TF.

The higher-timeframe picture resembles the following:

Weekly TF: Buyers and sellers are now firmly trading around a beautiful-looking weekly supply area at 105.432-104.065. We will definitely begin looking for shorts now, and any long positions will need confirmation as we could see some very serious selling take place either this week or the next.

Daily TF: In light of the recent buying activity seen on the daily timeframe , it appears pro money buyers are pushing prices higher to get the ‘best price’ within the aforementioned weekly supply area, could this mean we are going to see a touch of daily supply at 104.831-104.505?

Everything being equal , we still do expect lower prices on this pair sometime soon, even in light of the recent buying pressure seen, for the reason that price is still trading around a heavy-weight weekly supply area at 105.432-104.065.

The market opened quite a bit higher than Friday’s close (103.999) at 104.157, buyers and sellers were seen as being indecisive for a further three, four hour candles, then the buyers took charge and pushed prices up to 4hr resistance at 104.264, and as a result triggered our P,A confirmation sell level at 104.227. A break above this 4hr resistance level (which is likely judging by current price action) could likely force price to test the 4hr supply area above at 104.831-104.591 where we have a pending sell order set just below at 104.568 which is located within both weekly supply at 105.432-104.065 and also daily supply at 104.831-104.505 as well.

Pending/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy levels (Red line) are seen just above the round number 103 at 103.037. The reason we have not set a pending buy order here is simply because pro money could either perform a deep test of this level, or ignore this level altogether.

• Pending sell orders (Green line) are seen just below 4hr supply (104.831-104.591) at 104.568. The reasoning behind setting a pending sell order here is simply because this area remains untouched, and is located within both weekly supply at 105.432-104.065 and also daily supply at 104.831-104.505 as well.
• The P.A confirmation sell level (Red line) set just below 4hr resistance (104.264) at 104.227 is now active. The sellers will need to confirm this level by consuming some or most of the buyers situated around the minor 4hr demand area below at 104.092 marked with a green arrow. Only then would we consider setting a pending sell order awaiting a possible retrace.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. . P.A.C: 103.037 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 104.568 (SL: 104.873 TP: Dependent on how price approaches). P.A.C: 104.227 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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