Flat on USD/JPY, anyone?
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 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 -
Price action, as you can see, made its way back to demand at 105.70/106.66, an area favoured on Monday.
Assuming an extension to the upside, the 200-day simple moving average at 108.36 and the 108.16 high (July 1) are watched resistances.
H4 timeframe:
Tuesday observed a mild whipsaw occur through channel resistance (108.16), a move that brought in the lower ledge of supply at 107.60/107.42. What’s also technically appealing here is the whipsaw formed by way of a shooting star candlestick pattern, considered a bearish signal at peaks.
Demand at 106.39/106.64, joined closely with channel support (107.36) and a 161.8% Fib ext. level at 106.67, represents a logical target for any shorts. Breaking current supply, however, will likely lead us to peaks around 107.78.
H1 timeframe:
The 100-period simple moving average is proving its worth as support right now, circulating around the 107.12 neighbourhood.
Below, we have mild demand (red arrow) working the 107.09 area, with a break to 107 likely to be seen in the event of a pop lower. To the upside, 107.50 resistance remains valid.
Structures of Interest:
The monthly timeframe offers limited direction right now.
Daily demand at 105.70/106.66 recently re-joined the fight, placing buyers in a somewhat brighter light.
H4 fades channel resistance and supply at 107.60/107.42.
H1 holds off the 100-period simple moving average, with resistance set at 107.50 and support from 107.
On account of the above, daily buyers currently compete with H4 sellers at the moment, leaving H1 traders in a precarious situation. In cases such as this, where things are blurred, hitting the side lines (trading flat) may be the better position to explore.
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 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 -
Price action, as you can see, made its way back to demand at 105.70/106.66, an area favoured on Monday.
Assuming an extension to the upside, the 200-day simple moving average at 108.36 and the 108.16 high (July 1) are watched resistances.
H4 timeframe:
Tuesday observed a mild whipsaw occur through channel resistance (108.16), a move that brought in the lower ledge of supply at 107.60/107.42. What’s also technically appealing here is the whipsaw formed by way of a shooting star candlestick pattern, considered a bearish signal at peaks.
Demand at 106.39/106.64, joined closely with channel support (107.36) and a 161.8% Fib ext. level at 106.67, represents a logical target for any shorts. Breaking current supply, however, will likely lead us to peaks around 107.78.
H1 timeframe:
The 100-period simple moving average is proving its worth as support right now, circulating around the 107.12 neighbourhood.
Below, we have mild demand (red arrow) working the 107.09 area, with a break to 107 likely to be seen in the event of a pop lower. To the upside, 107.50 resistance remains valid.
Structures of Interest:
The monthly timeframe offers limited direction right now.
Daily demand at 105.70/106.66 recently re-joined the fight, placing buyers in a somewhat brighter light.
H4 fades channel resistance and supply at 107.60/107.42.
H1 holds off the 100-period simple moving average, with resistance set at 107.50 and support from 107.
On account of the above, daily buyers currently compete with H4 sellers at the moment, leaving H1 traders in a precarious situation. In cases such as this, where things are blurred, hitting the side lines (trading flat) may be the better position to explore.
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