H4 demand at 107.03/107.28 enters play!
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.
April and May were pretty uneventful, with June also wrapping up indecisively in the shape of a neutral doji candlestick pattern.
Areas outside of the noted triangle 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 -
Despite failing to connect with the 200-day simple moving average at 108.37 last week, upside momentum came to an abrupt halt Wednesday and fashioned a bearish outside day. For that reason, given Thursday and Friday’s lacklustre performance, and another mild bearish outside day forming yesterday, light still shines on a possible run back to demand at 105.70/106.66.
H4 timeframe:
Partially altered from previous analysis -
Following a temporary bottom ahead of demand at 107.03/107.28, price action made contact with the aforesaid area in recent hours.
The 107.03/107.28 zone, therefore, remains a key base today, an area which represents a decision point that broke through the 107.45 and 107.64 peaks. It should also be noted we have a trendline support lurking just beneath the zone (106.58).
H1 timeframe:
Partially altered from previous analysis -
Located within the upper boundary of H4 demand, traders will also note another demand sited on the H1 at 107.16/107.26 was forced into the mix on Monday, confirmed by an RSI oversold signal. This area is particularly alluring, owing to the momentum delivered out of its base and the levels the movement breached, including 107.50.
Buyers clearly have interest in the H1/H4 demand combination, with 107.50 set as a logical (initial) target on the H1, a level that aligns with trendline resistance (prior support – 107.35).
Structures of Interest:
Partially altered from previous analysis -
Monthly price remains contained within the limits of its descending triangle, with no sign of a break occurring anytime soon. The daily timeframe has eyes for demand at 105.70/106.66 this week, but as things stand on the monthly timeframe (indecisive), a turn higher to test the 200-day simple moving average at 108.37 is also not out of the question.
H4 demand at 107.03/107.28, as well as H1 demand within at 107.16/107.26, are interesting areas, perhaps holding sufficient influence to draw in at least 107.50 on the H1 timeframe today.
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.
April and May were pretty uneventful, with June also wrapping up indecisively in the shape of a neutral doji candlestick pattern.
Areas outside of the noted triangle 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 -
Despite failing to connect with the 200-day simple moving average at 108.37 last week, upside momentum came to an abrupt halt Wednesday and fashioned a bearish outside day. For that reason, given Thursday and Friday’s lacklustre performance, and another mild bearish outside day forming yesterday, light still shines on a possible run back to demand at 105.70/106.66.
H4 timeframe:
Partially altered from previous analysis -
Following a temporary bottom ahead of demand at 107.03/107.28, price action made contact with the aforesaid area in recent hours.
The 107.03/107.28 zone, therefore, remains a key base today, an area which represents a decision point that broke through the 107.45 and 107.64 peaks. It should also be noted we have a trendline support lurking just beneath the zone (106.58).
H1 timeframe:
Partially altered from previous analysis -
Located within the upper boundary of H4 demand, traders will also note another demand sited on the H1 at 107.16/107.26 was forced into the mix on Monday, confirmed by an RSI oversold signal. This area is particularly alluring, owing to the momentum delivered out of its base and the levels the movement breached, including 107.50.
Buyers clearly have interest in the H1/H4 demand combination, with 107.50 set as a logical (initial) target on the H1, a level that aligns with trendline resistance (prior support – 107.35).
Structures of Interest:
Partially altered from previous analysis -
Monthly price remains contained within the limits of its descending triangle, with no sign of a break occurring anytime soon. The daily timeframe has eyes for demand at 105.70/106.66 this week, but as things stand on the monthly timeframe (indecisive), a turn higher to test the 200-day simple moving average at 108.37 is also not out of the question.
H4 demand at 107.03/107.28, as well as H1 demand within at 107.16/107.26, are interesting areas, perhaps holding sufficient influence to draw in at least 107.50 on the H1 timeframe today.
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