Two closely positioned SMA values could offer support today
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.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and a demand base coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
Reclaiming a little more than 50% of Monday’s advance, Tuesday watched price action snap a three-day winning streak and underscore the possibility of a revisit to the 200-day SMA value, currently circulating around the 108.32ish region.
Active supply, according to chart studies, appears limited until nearing the 111.30 region, along with familiar supply at 112.64/112.10.
H4 timeframe:
Supply at 109.71/109.20, coupled with a 50.0% retracement level at 109.30, made its debut in recent movement. This has seen the H4 candles address 108.72 (blue arrow – March 31 high).
Based on candlestick analysis, sellers appear to have the upper hand right now, with price action not printing much to the upside.
H1 timeframe:
The supply-turned demand base at 108.90/108.62 continues to stand ground, in spite of selling pressure out of H4 supply mentioned above at 109.71/109.20 and the possibility of a pop lower on the daily timeframe to retest the 200-day SMA at 108.32. What’s interesting, however, is the 100-period SMA on the H1 timeframe currently merges with the 200-day SMA.
Structures of Interest:
The combination of the 200-day SMA around 108.32 and the 100-period SMA on the H1 timeframe at 108.38, if tested, could offer support in this market today. Also note, the said SMA values are positioned close by a 38.2% Fib retracement level at 108.44.
A test of the SMA values, nevertheless, entail violating the current H1 supply-turned demand base at 108.90/108.62.
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.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and a demand base coming in at 96.41/100.81.
Daily timeframe:
Partially altered from previous analysis -
Reclaiming a little more than 50% of Monday’s advance, Tuesday watched price action snap a three-day winning streak and underscore the possibility of a revisit to the 200-day SMA value, currently circulating around the 108.32ish region.
Active supply, according to chart studies, appears limited until nearing the 111.30 region, along with familiar supply at 112.64/112.10.
H4 timeframe:
Supply at 109.71/109.20, coupled with a 50.0% retracement level at 109.30, made its debut in recent movement. This has seen the H4 candles address 108.72 (blue arrow – March 31 high).
Based on candlestick analysis, sellers appear to have the upper hand right now, with price action not printing much to the upside.
H1 timeframe:
The supply-turned demand base at 108.90/108.62 continues to stand ground, in spite of selling pressure out of H4 supply mentioned above at 109.71/109.20 and the possibility of a pop lower on the daily timeframe to retest the 200-day SMA at 108.32. What’s interesting, however, is the 100-period SMA on the H1 timeframe currently merges with the 200-day SMA.
Structures of Interest:
The combination of the 200-day SMA around 108.32 and the 100-period SMA on the H1 timeframe at 108.38, if tested, could offer support in this market today. Also note, the said SMA values are positioned close by a 38.2% Fib retracement level at 108.44.
A test of the SMA values, nevertheless, entail violating the current H1 supply-turned demand base at 108.90/108.62.
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