USD/JPY: Technical outlook and review.
4hr TF.
The higher-timeframe picture resembles the following:
• Weekly TF: price still remains trading between a long-term weekly R/S flip level at 101.206 and a weekly supply area above at 105.432-104.065 with price now seen trading just below the aforementioned weekly supply area.
• Daily TF: As expected, a big push has been seen up to the daily supply area at 104.104-103.802 where at the time of writing sellers seem to be showing a little interest.
The sellers have shown little to no interest during this buying onslaught at the moment! A break above a 4hr supply area at 103.294-102.983 cleared the path north for buyers to push higher it seems.
Taking into consideration the higher –timeframe picture for a moment (Trading around a weekly supply area, and also a nice-looking daily supply area – levels above). The 4hr timeframe show a stunning area of 4hr supply a little higher up at 104.104-103.981, which is obviously located deep within the aforementioned higher-timeframe supply areas. We have set a pending sell order here just below at 103.954, since this area will very likely see a nice first-time reaction. So do keep an eye on this area today, and also watch for any trouble areas of demand that may form before price hits this a 4hr area of supply.
Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy levels (Red line) are seen just above the round number 102 at 102.027. The reason behind setting a P.A confirmation buy level here, and not a pending buy order is simply because as explained many times over, these round number levels are sometimes subject to deep test/spikes, which consequently stops out countless traders, we do not want to be one of them, hence the need for confirmation here.
• New pending sell orders (Green line) are seen just below a 4hr supply area (104.104-103.981) at 103.954. We have set a pending sell order here because of where this area is located on the higher timeframes moment (weekly supply area at 105.432-104.065, and also a nice-looking daily supply area at 104.104-103.802).
• The P.A confirmation sell level (Red line) set just below a 4hr decision-point level (102.922) at 102.900 has been removed since price rallied too far past the entry level for the time being.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. . P.A.C: 102.027 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 103.954 (SL: 104.135 TP: Dependent on how price approaches). P.A.C: No P.A confirmation sell levels are seen in the current market environment.
The higher-timeframe picture resembles the following:
• Weekly TF: price still remains trading between a long-term weekly R/S flip level at 101.206 and a weekly supply area above at 105.432-104.065 with price now seen trading just below the aforementioned weekly supply area.
• Daily TF: As expected, a big push has been seen up to the daily supply area at 104.104-103.802 where at the time of writing sellers seem to be showing a little interest.
The sellers have shown little to no interest during this buying onslaught at the moment! A break above a 4hr supply area at 103.294-102.983 cleared the path north for buyers to push higher it seems.
Taking into consideration the higher –timeframe picture for a moment (Trading around a weekly supply area, and also a nice-looking daily supply area – levels above). The 4hr timeframe show a stunning area of 4hr supply a little higher up at 104.104-103.981, which is obviously located deep within the aforementioned higher-timeframe supply areas. We have set a pending sell order here just below at 103.954, since this area will very likely see a nice first-time reaction. So do keep an eye on this area today, and also watch for any trouble areas of demand that may form before price hits this a 4hr area of supply.
Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy levels (Red line) are seen just above the round number 102 at 102.027. The reason behind setting a P.A confirmation buy level here, and not a pending buy order is simply because as explained many times over, these round number levels are sometimes subject to deep test/spikes, which consequently stops out countless traders, we do not want to be one of them, hence the need for confirmation here.
• New pending sell orders (Green line) are seen just below a 4hr supply area (104.104-103.981) at 103.954. We have set a pending sell order here because of where this area is located on the higher timeframes moment (weekly supply area at 105.432-104.065, and also a nice-looking daily supply area at 104.104-103.802).
• The P.A confirmation sell level (Red line) set just below a 4hr decision-point level (102.922) at 102.900 has been removed since price rallied too far past the entry level for the time being.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. . P.A.C: 102.027 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 103.954 (SL: 104.135 TP: Dependent on how price approaches). P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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