A rally from H1 supply-turned demand at 107.67/107.57 to 108?
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, on the other hand, trades marginally higher by 0.50%.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
Price action staged a stronger-than-expected rebound out of demand from 105.70/106.66 Monday, recording its third successive daily gain. This has shifted focus back to the 200-day simple moving average (SMA) at 108.22. Directly above here, traders will also note April 6 high at 109.38.
H4 timeframe:
Supply at 108.10/107.79, an area that’s capped upside since mid-April, came within a few pips of making an entrance yesterday, formed by means of a reasonably well-built shooting star candlestick pattern. Continued buying here could land the candles at resistance from 108.53, while moves lower may re-join support at 106.91.
H1 timeframe:
Fresh buying lifted H1 action through 107 and surrounding supply at 106.99/107.16, which led to a violation of 107.50 and neighbouring supply at 107.67/107.57.
Current trade has the candles retesting supply-turned demand at 107.67/107.57, echoing the prospect of a run to 108 from here, a noted resistance from mid-April onwards.
The 100-period simple moving average (SMA), currently circulating around 106.58, is seen turning north after drifting lower since April 24. It may also be worth noting the RSI indicator is dipping from 83.00, threatening an exit from overbought territory.
Structures of Interest:
Aside from H4 supply at 108.10/107.79 potentially throwing a spanner in the works, a rally from H1 supply-turned demand at 107.67/107.57 to 108 is possible today. Note we may also observe a whipsaw through 108 to bring in the 200-day SMA highlighted above at 108.22.
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, on the other hand, trades marginally higher by 0.50%.
Areas outside of the noted pattern can be seen at supply from 126.10/122.66 and demand coming in at 96.41/100.81.
Daily timeframe:
Price action staged a stronger-than-expected rebound out of demand from 105.70/106.66 Monday, recording its third successive daily gain. This has shifted focus back to the 200-day simple moving average (SMA) at 108.22. Directly above here, traders will also note April 6 high at 109.38.
H4 timeframe:
Supply at 108.10/107.79, an area that’s capped upside since mid-April, came within a few pips of making an entrance yesterday, formed by means of a reasonably well-built shooting star candlestick pattern. Continued buying here could land the candles at resistance from 108.53, while moves lower may re-join support at 106.91.
H1 timeframe:
Fresh buying lifted H1 action through 107 and surrounding supply at 106.99/107.16, which led to a violation of 107.50 and neighbouring supply at 107.67/107.57.
Current trade has the candles retesting supply-turned demand at 107.67/107.57, echoing the prospect of a run to 108 from here, a noted resistance from mid-April onwards.
The 100-period simple moving average (SMA), currently circulating around 106.58, is seen turning north after drifting lower since April 24. It may also be worth noting the RSI indicator is dipping from 83.00, threatening an exit from overbought territory.
Structures of Interest:
Aside from H4 supply at 108.10/107.79 potentially throwing a spanner in the works, a rally from H1 supply-turned demand at 107.67/107.57 to 108 is possible today. Note we may also observe a whipsaw through 108 to bring in the 200-day SMA highlighted above at 108.22.
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