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Demand at 107.03/107.28 in a favourable position
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 doji candlestick pattern.
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:
Despite failing to connect with the 200-day simple moving average at 108.37, upside momentum came to an abrupt halt Wednesday and produced a bearish outside day.
Snapping a two-day winning streak, recent action shines light back on demand at 105.70/106.66.
H4 timeframe:
Buyers and sellers went head to head at resistance from 108.09 in the early stages of Wednesday, with sellers clearly outweighing buyers here.
Price action, as you can see, settled just ahead of demand at 107.03/107.28, a decision point to break through 107.45 and 107.64. It should also be noted we have a trendline support lurking just beneath the zone (106.58).
H1 timeframe:
Wednesday observed trendline support (106.07) step aside, with price also unwinding through 107.50.
Maintaining a position sub 107.50 today and toppling the 100-period simple moving average nearby may attract shorts into the market, in favour of a dip to 107.
Structures of Interest:
While we are working with a bearish outside day on the daily timeframe, H1 sellers under 107.50 are in a precarious position owing to the top edge of H4 demand set close by at 107.28.
On account of the above, buyers out of H4 demand will have plenty of sellers to buy into.
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 doji candlestick pattern.
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:
Despite failing to connect with the 200-day simple moving average at 108.37, upside momentum came to an abrupt halt Wednesday and produced a bearish outside day.
Snapping a two-day winning streak, recent action shines light back on demand at 105.70/106.66.
H4 timeframe:
Buyers and sellers went head to head at resistance from 108.09 in the early stages of Wednesday, with sellers clearly outweighing buyers here.
Price action, as you can see, settled just ahead of demand at 107.03/107.28, a decision point to break through 107.45 and 107.64. It should also be noted we have a trendline support lurking just beneath the zone (106.58).
H1 timeframe:
Wednesday observed trendline support (106.07) step aside, with price also unwinding through 107.50.
Maintaining a position sub 107.50 today and toppling the 100-period simple moving average nearby may attract shorts into the market, in favour of a dip to 107.
Structures of Interest:
While we are working with a bearish outside day on the daily timeframe, H1 sellers under 107.50 are in a precarious position owing to the top edge of H4 demand set close by at 107.28.
On account of the above, buyers out of H4 demand will have plenty of sellers to buy into.
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