I want to make another analysis on USDJPY based on this Daily chart. As shown head and shoulders were formed previously which indicated the bearishness of this pair. Neckline shown acted as support and held up to 4 tests of that level. The pair rallied to about 121.68ish which then hit a supply and collapsed around beginning of February. The price dropped over ...
Based on this weekly chart, I can see that we are coming to a demand zone. I believe price could be going slightly lower to 1.06ish before we have a bounce. One thing which we have to bear in mind with this level is that wick pointed out by the arrow is indicating a stringer demand below. In any case will be watching this closely.
Based on this daily chart this wide daily level is the chance for longs to take place. If this level does not hold then we are heading further south. The level is (1.29754 - 1.30648) and going to keep an eye for further progress. My feeling based on 4H chart will tell me that price could go towards 1.3050ish mark.
I have identified two supply levels (158.788 - 159.141) & (162.054 - 162.598) on 30m chart. In my opinion price might go a little deep into the level before turning and going lower. For the higher level, obviously there is going to be a while before price hit that level, however, I think there is going to be a potential TP of about 300 pips.
Based on the daily Chart we are now close to a level where willing buyers are waiting for their orders to be filled. Now looking at a lower time frame H2 in this case there is a level (0.67060 - 0-66681). I believe price will have a bounce from this level and heading for the opposing level indicated.
Looking at this daily chart sentiment is up with a set up. I have located two levels, first (1.13492 - 1.12929) and second level which is my preferred level (1.11900 - 1.11451). Obviously price is closer to the first level so keep an eye on that level first. Obviously for trading, lower time frames should be looked at i.e 1HR, 15min.