Two closely positioned SMA values could offer support today
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.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and a demand base coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
Reclaiming a little more than 50% of Monday’s advance, Tuesday watched price action snap a three-day winning streak and underscore the possibility of a revisit to the 200-day SMA value, currently circulating around the 108.32ish region.
Active supply, according to chart studies, appears limited until nearing the 111.30 region, along with familiar supply at 112.64/112.10.
H4 timeframe:
Supply at 109.71/109.20, coupled with a 50.0% retracement level at 109.30, made its debut in recent movement. This has seen the H4 candles address 108.72 (blue arrow – March 31 high).
Based on candlestick analysis, sellers appear to have the upper hand right now, with price action not printing much to the upside.
H1 timeframe:
The supply-turned demand base at 108.90/108.62 continues to stand ground, in spite of selling pressure out of H4 supply mentioned above at 109.71/109.20 and the possibility of a pop lower on the daily timeframe to retest the 200-day SMA at 108.32. What’s interesting, however, is the 100-period SMA on the H1 timeframe currently merges with the 200-day SMA.
Structures of Interest:
The combination of the 200-day SMA around 108.32 and the 100-period SMA on the H1 timeframe at 108.38, if tested, could offer support in this market today. Also note, the said SMA values are positioned close by a 38.2% Fib retracement level at 108.44.
A test of the SMA values, nevertheless, entail violating the current H1 supply-turned demand base at 108.90/108.62.
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.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and a demand base coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
Reclaiming a little more than 50% of Monday’s advance, Tuesday watched price action snap a three-day winning streak and underscore the possibility of a revisit to the 200-day SMA value, currently circulating around the 108.32ish region.
Active supply, according to chart studies, appears limited until nearing the 111.30 region, along with familiar supply at 112.64/112.10.
H4 timeframe:
Supply at 109.71/109.20, coupled with a 50.0% retracement level at 109.30, made its debut in recent movement. This has seen the H4 candles address 108.72 (blue arrow – March 31 high).
Based on candlestick analysis, sellers appear to have the upper hand right now, with price action not printing much to the upside.
H1 timeframe:
The supply-turned demand base at 108.90/108.62 continues to stand ground, in spite of selling pressure out of H4 supply mentioned above at 109.71/109.20 and the possibility of a pop lower on the daily timeframe to retest the 200-day SMA at 108.32. What’s interesting, however, is the 100-period SMA on the H1 timeframe currently merges with the 200-day SMA.
Structures of Interest:
The combination of the 200-day SMA around 108.32 and the 100-period SMA on the H1 timeframe at 108.38, if tested, could offer support in this market today. Also note, the said SMA values are positioned close by a 38.2% Fib retracement level at 108.44.
A test of the SMA values, nevertheless, entail violating the current H1 supply-turned demand base at 108.90/108.62.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.