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USD/JPY: Technical outlook and review.

FX:USDJPY   U.S. Dollar / Japanese Yen
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Weekly TF: Follow-through buying is currently being seen on the USD/JPY after price broke above the weekly supply area at 105.432-104.065. From here, we see very little on this timeframe stopping price from hitting the heavy-weight weekly supply area at 110.652-108.123.

Daily TF: The buying seen on this pair is pushing prices deeper within a daily supply area at 106.946-105.083. This area will not likely hold up since most, if not all of the major supply has already been consumed, take a quick look in history within the zone, can you see all those wicks/spikes north (from 106.946 to 106.124)? Unfortunately, we do not have the historical data to go deeper on the lower timeframes, but from this timeframe we see very little supply stopping prices from reaching the weekly supply area mentioned above at 110.652-108.123.

4hr TF: At the time of writing, price is standing strong just above the round number 106. This level could be a potential buy area on the lower timeframes with confirmation, but as it stands on this timeframe we see no safe buying opportunities just yet. If this round number level gives way, then a key level to watch would be the ignored QM level (now support) at 105.301, these levels usually give a bounce at the very least! We would’ve liked to have set a pending buy order just above this level, however looking just below there seems to be ‘space for price to move’ i.e. pro money may perform a deep test (spike) on this level down to the round number 105 which could result in traders getting stopped out, hence confirmation is needed on this one (P.A confirmation buy level set at 105.377).

We certainly have no interest in selling this market, buying at any logical area suits us fine for the time being on this pair.

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment P.A.C: 105.377 (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: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.

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