H4 demand at 107.51/107.76, anyone?
USD/JPY:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Since kicking off 2017, USD/JPY has been busy carving out a descending triangle pattern between 118.66/104.62.
The month of March concluded by way of a long-legged doji candlestick pattern, ranging between 111.71/101.18, with extremes piercing the outer limits of the aforementioned descending triangle formation. April was pretty uneventful, ranging between 109.38/106.35. May also remained subdued, ranging between 108.08/105.98, with June also currently off best levels into unchanged status.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
Recording its second successive decline Tuesday and nudging through the 200-day simple moving average, currently circulating at 108.40, travelling to demand at 105.70/106.66 might be in the offing today. This would trip any sell-stops circling under 107.07 (May 29 low) and perhaps provide fuel to rebound from 105.70/106.66.
H4 timeframe:
Going into the later stages of yesterday’s descent, price action calmed at fresh demand from 107.51/107.76, merging with channel support (105.99). While an attractive area by and of itself, a whipsaw to the 61.8% Fib ret level at 107.45 could develop. A sustained move under here, nonetheless, throws light on support at 106.91.
H1 timeframe:
After toppling 108 going into US trade Tuesday we tested the lower boundary of what appears to be a falling wedge pattern (108.52107.92 – in this case serving as a possible reversal signal). 107.32 (green) resides as the next support target on this timeframe, therefore, further selling may still be in store today.
The flip side to this, though, is the RSI indicator is seen producing bullish divergence out of oversold territory.
Structures of Interest:
Buyers could certainly stage a recovery from H4 demand at 107.51/107.76 today, though the area is open to a whipsaw into the 61.8% Fib ret level at 107.45, which aligns closely with H1 support at 107.32. On account of this, H1 traders may seek a H1 close out of the current falling wedge pattern before considering long positions.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Since kicking off 2017, USD/JPY has been busy carving out a descending triangle pattern between 118.66/104.62.
The month of March concluded by way of a long-legged doji candlestick pattern, ranging between 111.71/101.18, with extremes piercing the outer limits of the aforementioned descending triangle formation. April was pretty uneventful, ranging between 109.38/106.35. May also remained subdued, ranging between 108.08/105.98, with June also currently off best levels into unchanged status.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
Recording its second successive decline Tuesday and nudging through the 200-day simple moving average, currently circulating at 108.40, travelling to demand at 105.70/106.66 might be in the offing today. This would trip any sell-stops circling under 107.07 (May 29 low) and perhaps provide fuel to rebound from 105.70/106.66.
H4 timeframe:
Going into the later stages of yesterday’s descent, price action calmed at fresh demand from 107.51/107.76, merging with channel support (105.99). While an attractive area by and of itself, a whipsaw to the 61.8% Fib ret level at 107.45 could develop. A sustained move under here, nonetheless, throws light on support at 106.91.
H1 timeframe:
After toppling 108 going into US trade Tuesday we tested the lower boundary of what appears to be a falling wedge pattern (108.52107.92 – in this case serving as a possible reversal signal). 107.32 (green) resides as the next support target on this timeframe, therefore, further selling may still be in store today.
The flip side to this, though, is the RSI indicator is seen producing bullish divergence out of oversold territory.
Structures of Interest:
Buyers could certainly stage a recovery from H4 demand at 107.51/107.76 today, though the area is open to a whipsaw into the 61.8% Fib ret level at 107.45, which aligns closely with H1 support at 107.32. On account of this, H1 traders may seek a H1 close out of the current falling wedge pattern before considering long positions.
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