ICmarkets
Panjang

Our take on the USD/JPY. Is anyone seeing different?

FX:USDJPY   U.S. Dollar/Japanese Yen
176 0 3
Working our way from the top-down this morning, the weekly timeframe shows one very impressive buying tail printing at the moment, stretching a little over 500 pips at the time of writing! Scaling down to the daily timeframe , we can see that price has recently chalked up a third consecutive bull candle, consequently closing above the daily swap (supply) area at 120.49-119.98. This, on its own, could suggest further upside today/next week in the direction of another daily swap (supply) area at 122.15-122.86.

Next up is the 4hr timeframe. From this angle, the recent buying pushed prices above both a 4hr swap (resistance) level at 120.66 and the round-number 121.00, and soon after into a small 4hr swap (supply) zone at 121.19-121.39. At first glance we saw little room for prices to move. However, on a second look, the majority of offers are likely consumed around both 121.00 and 121.19-121.39 now, thus potentially leaving the path north clear up until at least 4hr supply at 122.35-121.82. In addition to this, the recent spike lower seen marked with a green arrow at 120.50 confirmed, at least to us, that the 4hr resistance –turned support level at 120.66 is well-bid.

Therefore, given the points made above, here is what we have noted so far:

• Watch for price to retest 120.66 once more.
• Watch the lower timeframe action here – if confirmation is seen, look to jump in long targeting 121.73 just below the aforementioned 4hr supply zone .
• However, be prepared for a deeper fakeout below 120.66 this time, since price may want to tag in bids sitting at the daily swap (demand) zone at 120.49-119.98.

Levels to watch/ live orders:

• Buys: 120.66 (Stop loss: dependent on where one confirms this level).
• Sells: Flat (Stop loss: N/A).


Malaysia
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
简体
繁體
Laman Utama Penapis Saham Pengesan Isyarat Forex Pencari isyarat mata wang Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Sokongan Layanan Keutamaan Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Sokongan Layanan Keutamaan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar