H4 bearish pennant in full swing...
USD/JPY:
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 so far has been pretty uneventful, ranging between 109.38/106.92.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and a demand coming in at 96.41/100.81.
Daily timeframe:
Demand from 105.70/106.66 greeted price action Tuesday after consolidating south of the 200-day simple moving average (SMA) at 108.28 since mid-April. Should the said demand cede ground, we can potentially look forward to demand plotted at 100.68/101.85 making an appearance.
H4 timeframe:
Partially altered from previous analysis -
Demand at 106.75/107.22 has remained a feature since the beginning of the month, though thanks to yesterday’s slump we dipped a toe in waters south of the zone.
Interestingly, since mid-April the candles have been compressing within a bearish pennant pattern between 106.92/108.07, with Monday observing a bearish close form beneath the pattern’s lower limit. Yesterday’s follow-through downside is a strong sign we could be heading for demand at 105.75/105.17. Traditionally, take-profit targets are formed by measuring the preceding move (109.38-106.92) and adding this value to the breakout point (black arrows).
H1 timeframe:
Heading into Europe Tuesday, sellers strengthened their grip and slid through demand at 106.99/107.16 and the 107 handle, reaching lows at 106.56 before mildly paring losses into the close.
The pair concluded trade a few points ahead of 107, which, along with demand-turned supply at 106.99/107.16, could hold ground and force 106.50 into view.
Structures of Interest:
Daily price recently crossed paths with demand at 105.70/106.66; bulls therefore may look to make a show.
The H4 close out of the current bearish pennant pattern and recent break of demand at 106.75/107.22, however, has potentially cleared downside to H4 demand from 105.75/105.17. As a result of this, active sellers may reside at the underside of 107 on the H1 timeframe, encapsulated by H1 demand-turned supply at 106.99/107.16.
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 so far has been pretty uneventful, ranging between 109.38/106.92.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and a demand coming in at 96.41/100.81.
Daily timeframe:
Demand from 105.70/106.66 greeted price action Tuesday after consolidating south of the 200-day simple moving average (SMA) at 108.28 since mid-April. Should the said demand cede ground, we can potentially look forward to demand plotted at 100.68/101.85 making an appearance.
H4 timeframe:
Partially altered from previous analysis -
Demand at 106.75/107.22 has remained a feature since the beginning of the month, though thanks to yesterday’s slump we dipped a toe in waters south of the zone.
Interestingly, since mid-April the candles have been compressing within a bearish pennant pattern between 106.92/108.07, with Monday observing a bearish close form beneath the pattern’s lower limit. Yesterday’s follow-through downside is a strong sign we could be heading for demand at 105.75/105.17. Traditionally, take-profit targets are formed by measuring the preceding move (109.38-106.92) and adding this value to the breakout point (black arrows).
H1 timeframe:
Heading into Europe Tuesday, sellers strengthened their grip and slid through demand at 106.99/107.16 and the 107 handle, reaching lows at 106.56 before mildly paring losses into the close.
The pair concluded trade a few points ahead of 107, which, along with demand-turned supply at 106.99/107.16, could hold ground and force 106.50 into view.
Structures of Interest:
Daily price recently crossed paths with demand at 105.70/106.66; bulls therefore may look to make a show.
The H4 close out of the current bearish pennant pattern and recent break of demand at 106.75/107.22, however, has potentially cleared downside to H4 demand from 105.75/105.17. As a result of this, active sellers may reside at the underside of 107 on the H1 timeframe, encapsulated by H1 demand-turned supply at 106.99/107.16.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.