Well done to those who bought H4 demand at 112.19-112.36!
USD/JPY:
For those who read Monday’s briefing you may recall the piece highlighted promising buying opportunities either off H4 demand at 112.19-112.36, or the round number located beneath it at 112. As you can see, the H4 demand retained its position in early Asia Monday and drew in buyers to lift price action above 113 to highs of 113.36.
Why the research team selected this area came down to the higher-timeframe structure. Weekly price was in the process of testing the 2018 yearly opening level at 112.65. In support of weekly price, daily movement recently checked in with a trend line support (etched from the low 109.77). Well done to any of our readers who managed to take advantage of this move!
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. Meanwhile, weekly price displays room to press as far north as weekly supply coming in at 115.50-113.85, and daily price appears poised to approach tops located around the 114.05ish neighbourhood.
Areas of consideration:
With all three timeframes suggesting additional buying might be on the cards, a retest of 113 as support today could provide a platform for longs, targeting December’s opening level mentioned above at 113.64 (red arrows). To avoid the possibility of a whipsaw beneath 113, which is common viewing around psychological numbers, traders may look to enter based on bullish candlestick confirmation. Not only will this provide entry/stop levels, it’ll also reveal buyer intent.
Today’s data points: US PPI m/m; US Core PPI m/m.
For those who read Monday’s briefing you may recall the piece highlighted promising buying opportunities either off H4 demand at 112.19-112.36, or the round number located beneath it at 112. As you can see, the H4 demand retained its position in early Asia Monday and drew in buyers to lift price action above 113 to highs of 113.36.
Why the research team selected this area came down to the higher-timeframe structure. Weekly price was in the process of testing the 2018 yearly opening level at 112.65. In support of weekly price, daily movement recently checked in with a trend line support (etched from the low 109.77). Well done to any of our readers who managed to take advantage of this move!
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. Meanwhile, weekly price displays room to press as far north as weekly supply coming in at 115.50-113.85, and daily price appears poised to approach tops located around the 114.05ish neighbourhood.
Areas of consideration:
With all three timeframes suggesting additional buying might be on the cards, a retest of 113 as support today could provide a platform for longs, targeting December’s opening level mentioned above at 113.64 (red arrows). To avoid the possibility of a whipsaw beneath 113, which is common viewing around psychological numbers, traders may look to enter based on bullish candlestick confirmation. Not only will this provide entry/stop levels, it’ll also reveal buyer intent.
Today’s data points: US PPI m/m; US Core PPI m/m.
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