Buyers appear to be gaining confidence despite supply
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 -
Having observed a mild downbeat tone over the course of last week, price, as you can see, eventually made its way back to demand at 105.70/106.66 on Friday. This helped entice buyers into the market Monday and snap a three-day losing streak.
Assuming an extension to the upside, the 200-day simple moving average at 108.36, as well as the 108.16 high (July 1), are watched resistances.
H4 timeframe:
Partially altered from previous analysis -
Friday’s decline threw light on demand at 106.39/106.64, an area joined closely with channel support (107.36) and a 161.8% Fib ext. level at 106.67. The aforesaid demand encouraged a round of buying into the second half of Friday’s session, generating a bullish engulfing candle.
Follow-through buying took hold Monday, funding a move into supply at 107.39/107.20 that intersects with channel resistance (108.16). Breaking here will likely lead us to peaks at 107.78.
H1 timeframe:
Despite demand at 106.71/106.80 having its lower extreme penetrated early US Friday, buyers were unfazed Monday. 107 resistance put up little fight, consequently handing traders a supply from 107.36/107.18 (as well as the 100-period simple moving average) and pulling the RSI value into overbought territory (bearish divergence).
So far, sellers have not really warmed to the aforesaid supply, with buyers attempting to establish a base above the 100-period simple moving average. The next available resistance is set around the 107.50 point.
Structures of Interest:
Daily demand at 105.70/106.66 recently re-joined the fight, placing buyers in a brighter light.
H1 supply at 107.36/107.18 appears to be weakening, despite H4 supply also in play at 107.39/107.20.
Buyers are gaining confidence, thanks to daily demand. In addition to this, H1 holds above its 100-period simple moving average. This may see intraday upside unfold off the noted SMA today, targeting at least 107.50.
(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 -
Having observed a mild downbeat tone over the course of last week, price, as you can see, eventually made its way back to demand at 105.70/106.66 on Friday. This helped entice buyers into the market Monday and snap a three-day losing streak.
Assuming an extension to the upside, the 200-day simple moving average at 108.36, as well as the 108.16 high (July 1), are watched resistances.
H4 timeframe:
Partially altered from previous analysis -
Friday’s decline threw light on demand at 106.39/106.64, an area joined closely with channel support (107.36) and a 161.8% Fib ext. level at 106.67. The aforesaid demand encouraged a round of buying into the second half of Friday’s session, generating a bullish engulfing candle.
Follow-through buying took hold Monday, funding a move into supply at 107.39/107.20 that intersects with channel resistance (108.16). Breaking here will likely lead us to peaks at 107.78.
H1 timeframe:
Despite demand at 106.71/106.80 having its lower extreme penetrated early US Friday, buyers were unfazed Monday. 107 resistance put up little fight, consequently handing traders a supply from 107.36/107.18 (as well as the 100-period simple moving average) and pulling the RSI value into overbought territory (bearish divergence).
So far, sellers have not really warmed to the aforesaid supply, with buyers attempting to establish a base above the 100-period simple moving average. The next available resistance is set around the 107.50 point.
Structures of Interest:
Daily demand at 105.70/106.66 recently re-joined the fight, placing buyers in a brighter light.
H1 supply at 107.36/107.18 appears to be weakening, despite H4 supply also in play at 107.39/107.20.
Buyers are gaining confidence, thanks to daily demand. In addition to this, H1 holds above its 100-period simple moving average. This may see intraday upside unfold off the noted SMA today, targeting at least 107.50.
כתב ויתור
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