H1 demand at 107.18/107.11 (prior supply) in sight
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 trades flat, as of writing.
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 -
The US dollar snapped a two-day losing streak against the Japanese yen Thursday, bottoming ahead of demand at 105.70/106.66.
Further upside could be in the offing, targeting the 200-day simple moving average (SMA) at 108.23.
Directly above here, traders will also note the April 6 high at 109.38 as feasible resistance.
H4 timeframe:
Partially altered from previous analysis -
Support at 106.91, a level converging with a 50.0% ret level at 106.86 and trendline support (106.35), limited downside on Thursday.
Having seen 106.91 offer a ‘floor’, Friday will have traders watching supply at 108.10/107.79 to re-enter the fold. Note this area capped upside on a number of occasions since mid-April.
H1 timeframe:
Local supply at 107.18/107.11 hampered upside on a number of occasions over the past 24 hours, though gave in to upside pressure amid US trade on Thursday, also overturning the 100-period simple moving average at 107.17.
Research stated in recent analysis that a H1 close above supply at 107.18/107.11 could be enough to spark interest off H4 support at 106.91 and target H1 supply at 107.67/107.57.
Structures of Interest:
H1 demand at 107.18/107.11 (prior supply), as well as the converging 100-period SMA, may provide support if retested today, which could, technically speaking, be enough to entice further buying.
(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 trades flat, as of writing.
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 -
The US dollar snapped a two-day losing streak against the Japanese yen Thursday, bottoming ahead of demand at 105.70/106.66.
Further upside could be in the offing, targeting the 200-day simple moving average (SMA) at 108.23.
Directly above here, traders will also note the April 6 high at 109.38 as feasible resistance.
H4 timeframe:
Partially altered from previous analysis -
Support at 106.91, a level converging with a 50.0% ret level at 106.86 and trendline support (106.35), limited downside on Thursday.
Having seen 106.91 offer a ‘floor’, Friday will have traders watching supply at 108.10/107.79 to re-enter the fold. Note this area capped upside on a number of occasions since mid-April.
H1 timeframe:
Local supply at 107.18/107.11 hampered upside on a number of occasions over the past 24 hours, though gave in to upside pressure amid US trade on Thursday, also overturning the 100-period simple moving average at 107.17.
Research stated in recent analysis that a H1 close above supply at 107.18/107.11 could be enough to spark interest off H4 support at 106.91 and target H1 supply at 107.67/107.57.
Structures of Interest:
H1 demand at 107.18/107.11 (prior supply), as well as the converging 100-period SMA, may provide support if retested today, which could, technically speaking, be enough to entice further buying.
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