108.44/108.14 offers a potential area of confluence (resistance)
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 coming in at 96.41/100.81.
Daily timeframe:
Leaving demand from 105.70/106.66 unopposed, the US dollar concluded Thursday higher against the Japanese yen for a second successive day. The 200-day simple moving average (SMA), currently circulating around 108.31, may, therefore, come under fire today.
A break above the 109.38 April 6 high could confirm a double-bottom pattern off 106.87 (black line), leading to a potential run to 111.30ish (the take-profit target is usually measured from the lowest trough to the peak and then added to the breakout point).
H4 timeframe:
Partially altered from previous analysis -
Demand at 106.75/107.22 remains a feature on the H4 timeframe, with recent hours posting a reasonably modest recovery out of the said base. 108.53 denotes probable resistance, with a break drawing the light towards supply at 109.71/109.20 and a 50% retracement at 109.27.
H1 timeframe:
With sellers clearly taking a back-seat Thursday, price is left chewing on the 108 handle, as we write. A fakeout above the said round number, however, is likely this morning. The area between 108.44 and 108.14 is of interest (green), comprised of a 127.2% Fib ext. level at 108.44, a trendline resistance (109.38), a channel resistance (108.08), a 161.8% Fib ext. level at 108.26 and a 50% retracement at 108.14 along with the RSI indicator nearing overbought territory.
Structures of Interest:
108.44/108.14 offers a potential area of confluence (resistance) today. Note this area also coincides with the 200-day simple moving average (SMA) at 108.31, with H4 resistance residing a touch north of the zone at 108.53.
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 coming in at 96.41/100.81.
Daily timeframe:
Leaving demand from 105.70/106.66 unopposed, the US dollar concluded Thursday higher against the Japanese yen for a second successive day. The 200-day simple moving average (SMA), currently circulating around 108.31, may, therefore, come under fire today.
A break above the 109.38 April 6 high could confirm a double-bottom pattern off 106.87 (black line), leading to a potential run to 111.30ish (the take-profit target is usually measured from the lowest trough to the peak and then added to the breakout point).
H4 timeframe:
Partially altered from previous analysis -
Demand at 106.75/107.22 remains a feature on the H4 timeframe, with recent hours posting a reasonably modest recovery out of the said base. 108.53 denotes probable resistance, with a break drawing the light towards supply at 109.71/109.20 and a 50% retracement at 109.27.
H1 timeframe:
With sellers clearly taking a back-seat Thursday, price is left chewing on the 108 handle, as we write. A fakeout above the said round number, however, is likely this morning. The area between 108.44 and 108.14 is of interest (green), comprised of a 127.2% Fib ext. level at 108.44, a trendline resistance (109.38), a channel resistance (108.08), a 161.8% Fib ext. level at 108.26 and a 50% retracement at 108.14 along with the RSI indicator nearing overbought territory.
Structures of Interest:
108.44/108.14 offers a potential area of confluence (resistance) today. Note this area also coincides with the 200-day simple moving average (SMA) at 108.31, with H4 resistance residing a touch north of the zone at 108.53.
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