Well done to those who bought 113!
USD/JPY:
For those who read Tuesday’s briefing you may recall the piece underlining a potential retest play off 113 as support, targeting December’s opening level at 113.64/H4 resistance at 113.70 (red arrows). As is evident from the H4 chart, price action retested 113 and responded beautifully. Well done to any of our readers who managed to jump aboard this move.
113 attracted the research team’s attention largely on the back of where the market is trading from on the bigger picture. Weekly price is seen rebounding from the 2018 yearly opening level at 112.65, and daily movement recently checked in with a trend line support (etched from the low 109.77).
In terms of upside targets at current price, H4 structure shows resistance residing around December’s opening level at 113.64, trailed closely by resistance at 113.70. These two levels, as highlighted above, remain the first port of call for longs off 113. Note just above these H4 levels we also have the underside of weekly supply positioned at 115.50-113.85, and daily price appears poised to approach tops located around the 114.05ish neighbourhood.
Areas of consideration:
Aside from yesterday’s bounce off 113, there’s not really much to hang our hat on in terms of high-probability trading setups today. Once again, though, well done to those who bought 113, the risk/reward is incredibly attractive!
Today’s data points: US CPI m/m; US Core CPI m/m.
For those who read Tuesday’s briefing you may recall the piece underlining a potential retest play off 113 as support, targeting December’s opening level at 113.64/H4 resistance at 113.70 (red arrows). As is evident from the H4 chart, price action retested 113 and responded beautifully. Well done to any of our readers who managed to jump aboard this move.
113 attracted the research team’s attention largely on the back of where the market is trading from on the bigger picture. Weekly price is seen rebounding from the 2018 yearly opening level at 112.65, and daily movement recently checked in with a trend line support (etched from the low 109.77).
In terms of upside targets at current price, H4 structure shows resistance residing around December’s opening level at 113.64, trailed closely by resistance at 113.70. These two levels, as highlighted above, remain the first port of call for longs off 113. Note just above these H4 levels we also have the underside of weekly supply positioned at 115.50-113.85, and daily price appears poised to approach tops located around the 114.05ish neighbourhood.
Areas of consideration:
Aside from yesterday’s bounce off 113, there’s not really much to hang our hat on in terms of high-probability trading setups today. Once again, though, well done to those who bought 113, the risk/reward is incredibly attractive!
Today’s data points: US CPI m/m; US Core CPI m/m.
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