Interesting price action on USD/JPY this morning...
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 1.2%.
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:
Underlying bids remain soft at demand from 105.70/106.66, threatening further penetration into the aforementioned area this week.
Dethroning current demand possibly leads price action to nearby support at 105.01, with a break uncovering demand at 100.68/101.85.
The 200-day simple moving average at 108.38 has been flattening since mid-March, and represents achievable resistance should a rotation to the upside come to fruition.
H4 timeframe:
Demand at 106.49/106.66 had its lower base aggressively taken Tuesday, spiking to lows not seen since early May. The move, as you can see, missed support at 105.99 (May 6 low) by a hair.
Heading into Asia Pac hours, we can see the candles nibbling the lower base of the aforementioned demand. Above here, traders will also be watching resistance at 106.91 and supply at 107.22/107.03, a rally-base-drop supply.
H1 timeframe:
Tuesday’s precipitous decline brought the currency pair through 107 to lows just ahead of 106. The rebound, as you can see, throws trendline resistance (prior support – 106.59) in the frame, with a break pushing for the 100-period simple moving average and 107/H1 supply at 107.12/107.02 (essentially the decision point to break 107).
Structures of Interest:
H4 resistance at 106.91 is likely to call for attention today, joined closely with the 107 level on the H1 timeframe, as well as H1 supply from 107.12/107.02.
With the above levels expected to act as a magnet to price, along with remaining buyers out of daily demand at 105.70/106.66 likely to attempt to push higher, intraday bullish signals could be the way forward today until reaching 107.
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 1.2%.
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:
Underlying bids remain soft at demand from 105.70/106.66, threatening further penetration into the aforementioned area this week.
Dethroning current demand possibly leads price action to nearby support at 105.01, with a break uncovering demand at 100.68/101.85.
The 200-day simple moving average at 108.38 has been flattening since mid-March, and represents achievable resistance should a rotation to the upside come to fruition.
H4 timeframe:
Demand at 106.49/106.66 had its lower base aggressively taken Tuesday, spiking to lows not seen since early May. The move, as you can see, missed support at 105.99 (May 6 low) by a hair.
Heading into Asia Pac hours, we can see the candles nibbling the lower base of the aforementioned demand. Above here, traders will also be watching resistance at 106.91 and supply at 107.22/107.03, a rally-base-drop supply.
H1 timeframe:
Tuesday’s precipitous decline brought the currency pair through 107 to lows just ahead of 106. The rebound, as you can see, throws trendline resistance (prior support – 106.59) in the frame, with a break pushing for the 100-period simple moving average and 107/H1 supply at 107.12/107.02 (essentially the decision point to break 107).
Structures of Interest:
H4 resistance at 106.91 is likely to call for attention today, joined closely with the 107 level on the H1 timeframe, as well as H1 supply from 107.12/107.02.
With the above levels expected to act as a magnet to price, along with remaining buyers out of daily demand at 105.70/106.66 likely to attempt to push higher, intraday bullish signals could be the way forward today until reaching 107.
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