Longs from the 111.50 neighborhood could be a possibility today!

FX:USDJPY   Dolar U.S/ Yen Jepun
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Kicking this morning’s report off with a quick look at the weekly chart, we can see that the current weekly candle is trading within touching distance of a weekly support area coming in at 111.44-110.10. Looking down to the daily chart , however, price is already seen trading within the walls of a daily demand area seen at 111.35-112.37. In the event that price does connect with the top edge of the weekly support area , there’s a chance that price could fakeout below the current daily demand to test the nearby daily broken Quasimodo line at 110.58.

Stepping across to the H4 chart, this is where we find things get interesting! The H4 candles are currently in the process of completing the D-leg of a H4 AB=CD bull pattern that terminates just ahead of the H4 mid-way point 111.50. This – coupled with the H4 demand seen just below it at 110.85-111.35 is, in our opinion, a high-probability reversal zone, since let’s not forget that 111.50 also denotes the top edge of a weekly support area and is situated deep within the current daily demand.

Our suggestions: To avoid the possibility of a fakeout through 111.50, nevertheless, we have placed a pending buy order at 111.36 (just ahead of the current H4 demand zone ), with a stop-loss order set below at 110.83. Should this order trigger today, our first take-profit target will be the 112 neighborhood.

Data points to consider: There are no scheduled high-impacting news events on the docket today relating to these two markets.
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