Interesting price action favours bulls
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:
Alongside the RSI indicator firming through its 50.00 value, price movement overthrew the 200-day SMA value Monday, currently circulating around 108.32.
Active supply is limited until we near the 111.30 region along with familiar supply at 112.64/112.10, according to local price action.
H4 timeframe:
Recent upside lifted USD/JPY to supply at 109.71/109.20 yesterday, which intersects with a 50.0% retracement level at 109.30. Beyond here we don’t see much stopping price from reaching 111.30, as aired on the daily timeframe, whereas a rejection, aside from the possibility of support emerging off 108.72 (blue arrow), has demand at 106.75/107.22 to target.
H1 timeframe:
Demand for the safe-haven Japanese yen diminished Monday as markets entered a risk-on environment. Early London witnessed USD/JPY takeover 109 and, in US hours, retest the latter as support, bolstered by a supply-turned demand base at 108.90/108.62.
While price is contained within an ascending channel pattern between 107.82/108.67, upside appears relatively clear to 110, which boasts reasonably sound history as an S/R base.
Structures of Interest:
Having noted daily price crossing above its 200-day SMA, monthly action also showing room to explore higher ground and H1 flow retesting 109 as support with scope to press higher, H4 supply at 109.71/109.20 may give way today.
With the above taken into account, we may see further buying off 109 today, with the possibility of filling the current H1 ascending channel formation.
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:
Alongside the RSI indicator firming through its 50.00 value, price movement overthrew the 200-day SMA value Monday, currently circulating around 108.32.
Active supply is limited until we near the 111.30 region along with familiar supply at 112.64/112.10, according to local price action.
H4 timeframe:
Recent upside lifted USD/JPY to supply at 109.71/109.20 yesterday, which intersects with a 50.0% retracement level at 109.30. Beyond here we don’t see much stopping price from reaching 111.30, as aired on the daily timeframe, whereas a rejection, aside from the possibility of support emerging off 108.72 (blue arrow), has demand at 106.75/107.22 to target.
H1 timeframe:
Demand for the safe-haven Japanese yen diminished Monday as markets entered a risk-on environment. Early London witnessed USD/JPY takeover 109 and, in US hours, retest the latter as support, bolstered by a supply-turned demand base at 108.90/108.62.
While price is contained within an ascending channel pattern between 107.82/108.67, upside appears relatively clear to 110, which boasts reasonably sound history as an S/R base.
Structures of Interest:
Having noted daily price crossing above its 200-day SMA, monthly action also showing room to explore higher ground and H1 flow retesting 109 as support with scope to press higher, H4 supply at 109.71/109.20 may give way today.
With the above taken into account, we may see further buying off 109 today, with the possibility of filling the current H1 ascending channel formation.
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