USD/JPY: Technical outlook and review...
Weekly timeframe perspective: From the weekly timeframe, we can clearly see that active buyers have entered the market from within a small weekly decision-point demand area coming in at 118.22-119.40.
Daily timeframe perspective: The rebound seen from the minor daily support level at 118.32 on Thursday last week, extended higher yesterday. As long as the buyers can continue with this tempo, we see very little reason why price will not hit the daily supply area coming in at 122.01-121.10.
4hr timeframe perspective: The 4hr timeframe shows that ever since the market opened at 119.19, the buyers have been in overall control pushing the market nearly 100 pips north! Consequent to this, price firmly closed above and retested the round number 120.00. For those who read our last report, you may recall that we mentioned should price close above this number, we’ll be heavy buyers from that point on.
So, with the above in mind, we’re going to primarily be spending much of today scouring the lower timeframes for confirmed long entries around the 120.00 number. In the event that a signal is spotted, our first take-profit target will be 120.60, the second, a little higher up at 121.00.
Current buy/sell orders:
• Buy orders: 120.00 [tentative – confirmation required] (Predicative stop-loss orders seen at: dependent on where one confirms this level).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Daily timeframe perspective: The rebound seen from the minor daily support level at 118.32 on Thursday last week, extended higher yesterday. As long as the buyers can continue with this tempo, we see very little reason why price will not hit the daily supply area coming in at 122.01-121.10.
4hr timeframe perspective: The 4hr timeframe shows that ever since the market opened at 119.19, the buyers have been in overall control pushing the market nearly 100 pips north! Consequent to this, price firmly closed above and retested the round number 120.00. For those who read our last report, you may recall that we mentioned should price close above this number, we’ll be heavy buyers from that point on.
So, with the above in mind, we’re going to primarily be spending much of today scouring the lower timeframes for confirmed long entries around the 120.00 number. In the event that a signal is spotted, our first take-profit target will be 120.60, the second, a little higher up at 121.00.
Current buy/sell orders:
• Buy orders: 120.00 [tentative – confirmation required] (Predicative stop-loss orders seen at: dependent on where one confirms this level).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
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