Look for longs on the retest of 110
The USD/JPY remained well-bid during most of yesterday’s sessions, even more so after the FOMC release which pushed this pair above the 110 handle into the close. In light of this recent move, we see little reason on the H4 chart for price not to continue rallying up to the 111.00/110.84 area today (formed by a H4 resistance at 110.84, a daily resistance at 110.96 and the 111.00 resistance handle).
In support of this move, weekly buyers continue to bid this pair north from weekly demand at 105.19-107.54 with the upside clear until weekly supply at 113.80-111.59. Daily action has also just closed beyond daily supply at 109.26-109.83 (now acting demand), potentially clearing the path north up to daily resistance mentioned above at 110.96.
Our suggestions: Watch for price to retest the 110.00 handle and look for a lower timeframe buy entry, targeting 110.84. For ideas regarding possible entry techniques, here is what we use:
• A break/retest of supply.
• A trendline break/retest.
• Buying tails – essentially we look for a cluster of very obvious spikes off of lower timeframe support levels.
We search for lower timeframe confirmation between the M15 the H1 timeframes, since most of our higher-timeframe areas begin with the H4. Stops are usually placed 5-10 pips beyond confirming structures.
In support of this move, weekly buyers continue to bid this pair north from weekly demand at 105.19-107.54 with the upside clear until weekly supply at 113.80-111.59. Daily action has also just closed beyond daily supply at 109.26-109.83 (now acting demand), potentially clearing the path north up to daily resistance mentioned above at 110.96.
Our suggestions: Watch for price to retest the 110.00 handle and look for a lower timeframe buy entry, targeting 110.84. For ideas regarding possible entry techniques, here is what we use:
• A break/retest of supply.
• A trendline break/retest.
• Buying tails – essentially we look for a cluster of very obvious spikes off of lower timeframe support levels.
We search for lower timeframe confirmation between the M15 the H1 timeframes, since most of our higher-timeframe areas begin with the H4. Stops are usually placed 5-10 pips beyond confirming structures.
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