USD/JPY looks tasty from 112.64...
Following a rather aggressive 60-pip bullish gap on Monday, the USD/JPY extended early gains to a high of 113.08 before losing momentum and tumbling lower into the US segment. The selloff may have something to do with the strong-looking H4 supply at 113.14-112.86 and intersecting round number 113.
The day ended with H4 price closing beneath October’s opening level at 112.64. The next downside target from this point is the 112 handle, followed by a H4 demand located at 111.37-111.56.
Daily supply at 112.78-112.43 had its top edge challenged during yesterday’s movement, but somehow managed to survive! A continued push lower from here brings the daily support at 111.66 into the spotlight.
Suggestions: A retest to the underside of 112.64 on the H4 timeframe is, as far as we can see, a stable location to look for shorting opportunities. Besides having a daily supply bolstering downside at the moment, we also have the weekend gap which has ‘fill me’ written all over it. A sell from 112.64 is certainly something we’re interested in if H4 sellers prove intent in the shape of a full or near-full-bodied bearish candle. Assuming a trade comes to fruition, the 112 handle will be the first take-profit target, followed by daily support at 111.66.
Data points to consider: US trade balance at 1.30pm; US ISM non-manufacturing PMI at 3pm GMT.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 112.64 region (waiting for a reasonably sized H4 bearish candle to form – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s wick).
The day ended with H4 price closing beneath October’s opening level at 112.64. The next downside target from this point is the 112 handle, followed by a H4 demand located at 111.37-111.56.
Daily supply at 112.78-112.43 had its top edge challenged during yesterday’s movement, but somehow managed to survive! A continued push lower from here brings the daily support at 111.66 into the spotlight.
Suggestions: A retest to the underside of 112.64 on the H4 timeframe is, as far as we can see, a stable location to look for shorting opportunities. Besides having a daily supply bolstering downside at the moment, we also have the weekend gap which has ‘fill me’ written all over it. A sell from 112.64 is certainly something we’re interested in if H4 sellers prove intent in the shape of a full or near-full-bodied bearish candle. Assuming a trade comes to fruition, the 112 handle will be the first take-profit target, followed by daily support at 111.66.
Data points to consider: US trade balance at 1.30pm; US ISM non-manufacturing PMI at 3pm GMT.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 112.64 region (waiting for a reasonably sized H4 bearish candle to form – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s wick).
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