ICmarkets
Long

Long from 123.94, how high will this pair take us???

FX:USDJPY   U.S. Dollar/Japanese Yen
201 0 1
Weekly view – The weekly timeframe shows that price has rallied for three consecutive weeks, which took out a weekly supply area at 124.13-122.22, and connected nicely with a weekly swap level seen at 125.44. Essentially, the long-term uptrend on this pair is still very much intact, and will remain that way in our opinion until the weekly swap level 115.50 is consumed.

Daily view: From this viewpoint, we recently witnessed price crossing swords with a daily demand seen at 123.74-124.07, which has held nicely so far.

4hr view: For those who read our reports on a regular basis, you may recall that we set a pending buy order (123.94) just within a 4hr buy area marked in green at 123.74-123.95 that has now been filled.

With the recent break above the daily resistance area (see daily chart ) at 125.69-124.62 (pink circle), and the recently broken weekly supply area (see weekly chart) at 124.13-122.22 now potentially providing demand to the market, we are quite confident price is eventually going to continue heading higher in the long run.

Currently, our team is watching the 4hr supply zone seen at 124.72-124.46. We would like to see the buyers break above this barrier and connect with 125.00, which is where we intend to take partial profits and possibly move our stop to breakeven. If all goes according to plan, we essentially have no final target in place yet for this long trade. The idea is effectively to try and let this trade run, in the hope of joining the long-term weekly trend and trailing our stop accordingly. It will be interesting to see how this plays out.

Levels to watch/ live orders:

• Buys: 123.94 (Stop loss: 123.44).
• Sells: Flat (Stop loss: N/A).


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