Higher moves likely above the 100-period SMA
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 was pretty uneventful, ranging between 109.38/106.35. May also remained subdued, ranging between 108.08/105.98, with June currently off best levels, down 0.4%.
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 –
Recording its fourth successive decline Thursday, demand at 105.70/106.66 welcomed price action and, as you can see, put forth a bullish phase Friday. Despite the earnest recovery, impetus lacked Monday, finishing indecisively.
The question going forward, therefore, is the rebound from current demand sufficient to retest the 200-day simple moving average at 108.40?
H4 timeframe:
Supply at 107.51/107.76 (prior demand) remains a visible fixture on this timeframe, holding price beneath its walls Monday though failed to revisit support at 106.91.
Traders will also be monitoring resistance at 108.09 and demand at 106.49/106.66.
H1 timeframe:
107 made a showing and ran local stops under 107.06 on Monday. The reaction threw intraday candles above the 100-period simple moving average, which, as you can see, holds as support as we head into Asia Pac hours Tuesday. The SMA also appears to be in the process of flattening.
Untested supply rests at 107.86/107.67, sheltered a few pips under the 108 level.
Structures of Interest:
Daily demand at 105.70/106.66 re-entering vision is an encouraging sign for buyers, though faces opposition by way of H4 supply at 107.51/107.76.
Having noted H4 sellers out of the aforesaid supply lacked impetus to bring in support at 106.91, this implies buyers may be looking to jump in the driver’s seat today and force a move to H1 supply at 107.86/107.67 (located around the edge of H4 supply).
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 was pretty uneventful, ranging between 109.38/106.35. May also remained subdued, ranging between 108.08/105.98, with June currently off best levels, down 0.4%.
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 –
Recording its fourth successive decline Thursday, demand at 105.70/106.66 welcomed price action and, as you can see, put forth a bullish phase Friday. Despite the earnest recovery, impetus lacked Monday, finishing indecisively.
The question going forward, therefore, is the rebound from current demand sufficient to retest the 200-day simple moving average at 108.40?
H4 timeframe:
Supply at 107.51/107.76 (prior demand) remains a visible fixture on this timeframe, holding price beneath its walls Monday though failed to revisit support at 106.91.
Traders will also be monitoring resistance at 108.09 and demand at 106.49/106.66.
H1 timeframe:
107 made a showing and ran local stops under 107.06 on Monday. The reaction threw intraday candles above the 100-period simple moving average, which, as you can see, holds as support as we head into Asia Pac hours Tuesday. The SMA also appears to be in the process of flattening.
Untested supply rests at 107.86/107.67, sheltered a few pips under the 108 level.
Structures of Interest:
Daily demand at 105.70/106.66 re-entering vision is an encouraging sign for buyers, though faces opposition by way of H4 supply at 107.51/107.76.
Having noted H4 sellers out of the aforesaid supply lacked impetus to bring in support at 106.91, this implies buyers may be looking to jump in the driver’s seat today and force a move to H1 supply at 107.86/107.67 (located around the edge of H4 supply).
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