A whipsaw through 108 today, traders???
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. April and May were pretty uneventful, with June also recently wrapping up indecisively in the shape of a doji candlestick pattern.
Areas outside of the noted triangle pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
USD/JPY came out swinging from demand at 105.70/106.66 last week, putting forward a bullish inside candle pattern. Monday and Tuesday extended gains, taking aim at the 200-day simple moving average around 108.37.
Should we dethrone current demand, on the other hand, this may lead price to nearby support at 105.01, with a break uncovering demand at 100.68/101.85.
H4 timeframe:
After two trendline supports (106.58/107.62) made a show Friday, with price action chalking up a relatively spirited recovery, this week’s extension has toppled supply at 107.51/107.76 (prior demand) and shined light on resistance at 108.09.
Price action traders may also wish to acknowledge demand exists at 107.03/107.28.
H1 timeframe:
Leaving 107.50 unopposed as support Tuesday, upside gained speed heading into US trading and eventually delivered intraday flow to highs just under 108. In addition to this, RSI traders will note bearish divergence forming.
Should buyers catch another tailwind today and overrun 108, the 108.50 resistance may make its way into view.
Structures of Interest:
Round numbers commonly come under fire.
As a result of the above, a whipsaw above 108 may come to fruition today, breaking into H4 resistance at 108.09, or even the 200-day simple moving average at 108.37.
A close back under 108, either off 108.09 or 108.37, would likely be viewed as a bearish indication we’re heading back to the 107.50 neighbourhood.
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. April and May were pretty uneventful, with June also recently wrapping up indecisively in the shape of a doji candlestick pattern.
Areas outside of the noted triangle pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
USD/JPY came out swinging from demand at 105.70/106.66 last week, putting forward a bullish inside candle pattern. Monday and Tuesday extended gains, taking aim at the 200-day simple moving average around 108.37.
Should we dethrone current demand, on the other hand, this may lead price to nearby support at 105.01, with a break uncovering demand at 100.68/101.85.
H4 timeframe:
After two trendline supports (106.58/107.62) made a show Friday, with price action chalking up a relatively spirited recovery, this week’s extension has toppled supply at 107.51/107.76 (prior demand) and shined light on resistance at 108.09.
Price action traders may also wish to acknowledge demand exists at 107.03/107.28.
H1 timeframe:
Leaving 107.50 unopposed as support Tuesday, upside gained speed heading into US trading and eventually delivered intraday flow to highs just under 108. In addition to this, RSI traders will note bearish divergence forming.
Should buyers catch another tailwind today and overrun 108, the 108.50 resistance may make its way into view.
Structures of Interest:
Round numbers commonly come under fire.
As a result of the above, a whipsaw above 108 may come to fruition today, breaking into H4 resistance at 108.09, or even the 200-day simple moving average at 108.37.
A close back under 108, either off 108.09 or 108.37, would likely be viewed as a bearish indication we’re heading back to the 107.50 neighbourhood.
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