USD/JPY: Technical outlook and review.
Weekly Timeframe: With regards to the weekly timeframe, as long as price continues to trade above the weekly swap level at 115.50, our overall bias on the USD/JPY pair will remain long. To the upside, we do not see any ‘heavy’ resistance coming into the market until the price reaches 122.18.
Daily Timeframe: The daily timeframe on the other hand shows price is currently trading around daily supply at 119.95-119.14. This area of supply remains a key obstacle to a move towards a drop-base-drop daily supply area seen above at 122.61-121.54, which if you look back to the weekly timeframe, it beautifully encapsulates the aforementioned weekly Quasimodo resistance level.
4hr Timeframe: Trading opened at 119.00, and saw the sellers take overall control. This forced the market down towards a minor 4hr swap area seen at 118.48-118.33. This area appears to be holding price higher for the moment, which in itself could entice further upside potentially pushing the market north towards 119.00 once again. A break below this 4hr swap area on the other hand would likely encourage further downside towards the 118.00 level.
Given the points made above, our team has come to a general consensus that buying will only be considered once/if price closes above the 118.76 high on the 30 minute timeframe. This would potentially clear the path north up to 119.00. Conversely, selling on the break and retest of the aforementioned 4hr swap area is something we would only be comfortable with if we manage to get an extremely tight entry with a stop of around 5-10 pips, since the profit target is only around 30 pips or so.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: The daily timeframe on the other hand shows price is currently trading around daily supply at 119.95-119.14. This area of supply remains a key obstacle to a move towards a drop-base-drop daily supply area seen above at 122.61-121.54, which if you look back to the weekly timeframe, it beautifully encapsulates the aforementioned weekly Quasimodo resistance level.
4hr Timeframe: Trading opened at 119.00, and saw the sellers take overall control. This forced the market down towards a minor 4hr swap area seen at 118.48-118.33. This area appears to be holding price higher for the moment, which in itself could entice further upside potentially pushing the market north towards 119.00 once again. A break below this 4hr swap area on the other hand would likely encourage further downside towards the 118.00 level.
Given the points made above, our team has come to a general consensus that buying will only be considered once/if price closes above the 118.76 high on the 30 minute timeframe. This would potentially clear the path north up to 119.00. Conversely, selling on the break and retest of the aforementioned 4hr swap area is something we would only be comfortable with if we manage to get an extremely tight entry with a stop of around 5-10 pips, since the profit target is only around 30 pips or so.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
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