H4/H1 supply in play, in line with immediate trend...
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 was pretty uneventful, ranging between 109.38/106.35. May also remained subdued, ranging between 108.08/105.98, with June currently off best levels, down 0.6%.
Areas outside of the noted triangle pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
USD/JPY came out swinging from demand at 105.70/106.66 Wednesday, wrapping up the session mildly off best levels and printing a bullish inside candle pattern. The 200-day simple moving average at 108.38 has been flattening since mid-March – the dynamic value represents achievable resistance should a continuation to the upside come to fruition.
Dethroning current demand, on the other hand, possibly leads price action to nearby support at 105.01, with a break uncovering demand at 100.68/101.85.
H4 timeframe:
Supply at 107.22/107.03, a rally-base-drop formation, recently made an entrance on the H4 timeframe. Stripping this area today could land the candles at the door of supply from 107.51/107.76 (prior demand), while a move lower could take aim at the 105.99 May 6 low.
H1 timeframe:
Joining the underside of H4 supply at 107.22/107.03 is another layer of supply on the H1 timeframe at 107.12/107.02. This base deserves notice owing to it also bringing forward the round number 107, trendline resistance (107.62) and an RSI overbought signal.
Above the current area, aside from 107.50, we see limited supply until coming into contact with 107.86/107.67.
Structures of Interest:
Bearish signals out of H4 supply, knowing the area also benefits from H1 confluence, could be in the offing today. The caveat, however, despite the immediate trend facing downwards, is daily price appears to be making a push out of demand at 105.70/106.66.
H1 sellers may wait and see if the pair can close beneath the 100-period simple moving average at 106.82 as a means of confirmation.
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 remained subdued, ranging between 108.08/105.98, with June currently off best levels, down 0.6%.
Areas outside of the noted triangle pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
USD/JPY came out swinging from demand at 105.70/106.66 Wednesday, wrapping up the session mildly off best levels and printing a bullish inside candle pattern. The 200-day simple moving average at 108.38 has been flattening since mid-March – the dynamic value represents achievable resistance should a continuation to the upside come to fruition.
Dethroning current demand, on the other hand, possibly leads price action to nearby support at 105.01, with a break uncovering demand at 100.68/101.85.
H4 timeframe:
Supply at 107.22/107.03, a rally-base-drop formation, recently made an entrance on the H4 timeframe. Stripping this area today could land the candles at the door of supply from 107.51/107.76 (prior demand), while a move lower could take aim at the 105.99 May 6 low.
H1 timeframe:
Joining the underside of H4 supply at 107.22/107.03 is another layer of supply on the H1 timeframe at 107.12/107.02. This base deserves notice owing to it also bringing forward the round number 107, trendline resistance (107.62) and an RSI overbought signal.
Above the current area, aside from 107.50, we see limited supply until coming into contact with 107.86/107.67.
Structures of Interest:
Bearish signals out of H4 supply, knowing the area also benefits from H1 confluence, could be in the offing today. The caveat, however, despite the immediate trend facing downwards, is daily price appears to be making a push out of demand at 105.70/106.66.
H1 sellers may wait and see if the pair can close beneath the 100-period simple moving average at 106.82 as a means of confirmation.
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