USD/JPY looking tasty off 110, traders...
USD/JPY:
In recent sessions, the market observed the USD/JPY put in a mild top as risk sentiment turned somewhat sour. Across the board, major US equity indexes recorded losses, as well as the US Treasury 10-year note losing more than 1.80% on the day.
In view of the technical landscape, the H4 picture reveals price action remains within an ascending channel formation (109.15/109.96). As of late, the unit is approaching the lower limit of the said channel, though traders should remain cognizant of a potential fakeout brewing towards the nearby 110 handle.
Weekly movement continues to feed off support drawn from the 2019 yearly opening level at 109.68 in the mould of a reasonably attractive hammer pattern. Therefore, until this line is breached, longer-term flow remains to the upside. Further buying is also still a possibility on the daily timeframe, according to our technical studies, as price appears poised to approach a 61.8% Fibonacci resistance at 111.10. What gives this Fib level extra credibility is a merging trend line support-turned resistance etched from the low 107.77 and the 200-day SMA (yellow).
Areas of consideration:
In order to become buyers within this market, the research team feels 110 offers a prime location. An ideal setup is a reaction off 110 in the shape of a H4 bullish candlestick configuration. As often touted, this serves to identify intent and also provides traders entry and risk levels to trade.
While interim upside targets are in view, the ultimate destination is seen around 111.10ish, followed by 112.65.
Today’s data points: Limited.
In recent sessions, the market observed the USD/JPY put in a mild top as risk sentiment turned somewhat sour. Across the board, major US equity indexes recorded losses, as well as the US Treasury 10-year note losing more than 1.80% on the day.
In view of the technical landscape, the H4 picture reveals price action remains within an ascending channel formation (109.15/109.96). As of late, the unit is approaching the lower limit of the said channel, though traders should remain cognizant of a potential fakeout brewing towards the nearby 110 handle.
Weekly movement continues to feed off support drawn from the 2019 yearly opening level at 109.68 in the mould of a reasonably attractive hammer pattern. Therefore, until this line is breached, longer-term flow remains to the upside. Further buying is also still a possibility on the daily timeframe, according to our technical studies, as price appears poised to approach a 61.8% Fibonacci resistance at 111.10. What gives this Fib level extra credibility is a merging trend line support-turned resistance etched from the low 107.77 and the 200-day SMA (yellow).
Areas of consideration:
In order to become buyers within this market, the research team feels 110 offers a prime location. An ideal setup is a reaction off 110 in the shape of a H4 bullish candlestick configuration. As often touted, this serves to identify intent and also provides traders entry and risk levels to trade.
While interim upside targets are in view, the ultimate destination is seen around 111.10ish, followed by 112.65.
Today’s data points: Limited.
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