Friendly reminder to keep eyes on 112.65 for possible longs!
Although the USD/JPY chalked up its fourth consecutive loss, overall structure in this market remains unchanged.
Weekly flow remains poised to approach its 2018 yearly opening level at 112.65. This comes after the market engaged with a notable supply at 115.50-113.85 last week (boasts notable history, capping upside on a number of occasions throughout 2017) in the shape of a bearish pin-bar pattern.
In terms of where we stand on the daily timeframe, a nice-looking demand zone at 112.56-112.96 entered the fold recently, following a violent break of nearby support at 113.40 (now acting resistance).
Our technical studies on the H4 timeframe show price continues to range between its 113 handle/ 38.2% Fib support at 112.96 and a demand-turned resistance area at 113.31-113.52 (houses daily resistance within at 113.40). Beneath 113 we have a nearby Quasimodo support in view at 112.75, which happens to be positioned ten pips above the 2018 yearly opening level on the weekly timeframe at 112.65.
Areas of consideration:
Overall, the focus remains on the 2018 yearly opening level at 112.65 based on the weekly timeframe, as it is seen positioned within daily demand mentioned above at 112.56-112.96. A bounce from this vicinity is likely, with stop-loss orders located just beneath the current daily demand at 112.54. Ultimately, the first take-profit target can be seen around daily resistance at 113.40, which you may recall resides within the H4 resistance area at 113.31-113.52. This, should the trade come to fruition, offers incredible risk/reward in only a small move!
Today’s data points: FOMC members Williams and Bostic speak; US PPI figures m/m; US Treasury currency report.
Weekly flow remains poised to approach its 2018 yearly opening level at 112.65. This comes after the market engaged with a notable supply at 115.50-113.85 last week (boasts notable history, capping upside on a number of occasions throughout 2017) in the shape of a bearish pin-bar pattern.
In terms of where we stand on the daily timeframe, a nice-looking demand zone at 112.56-112.96 entered the fold recently, following a violent break of nearby support at 113.40 (now acting resistance).
Our technical studies on the H4 timeframe show price continues to range between its 113 handle/ 38.2% Fib support at 112.96 and a demand-turned resistance area at 113.31-113.52 (houses daily resistance within at 113.40). Beneath 113 we have a nearby Quasimodo support in view at 112.75, which happens to be positioned ten pips above the 2018 yearly opening level on the weekly timeframe at 112.65.
Areas of consideration:
Overall, the focus remains on the 2018 yearly opening level at 112.65 based on the weekly timeframe, as it is seen positioned within daily demand mentioned above at 112.56-112.96. A bounce from this vicinity is likely, with stop-loss orders located just beneath the current daily demand at 112.54. Ultimately, the first take-profit target can be seen around daily resistance at 113.40, which you may recall resides within the H4 resistance area at 113.31-113.52. This, should the trade come to fruition, offers incredible risk/reward in only a small move!
Today’s data points: FOMC members Williams and Bostic speak; US PPI figures m/m; US Treasury currency report.
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