Flat on the USD/JPY - anyone seeing different?
Failing to sustain gains beyond October’s opening level seen on the H4 timeframe at 112.64, the USD/JPY spent Tuesday pressing lower, consequently concluding trade at a low of 112.17. In the event that the bears continue to push lower today/this week, the next area of concern on the H4 timeframe can be seen at last Friday’s low 111.88, followed closely by H4 support at 111.77.
As is evident from the daily timeframe, support at 111.91 held beautifully on Monday but, thanks to October’s opening level, has failed to generate much follow-through action. Also of particular interest is where price came from: a monstrous weekly supply coming in at 115.50-113.85.
Suggestions: Neither a long nor short seems attractive right now. A sell at current price would be a chancy move seeing as there is no discernible H4 resistance in play. Furthermore, you would be selling directly into a daily support, which has already proved its worth three times since late September. So, what about a long from the daily support? Again, this would be tricky since you’d be buying into potential weekly momentum from the noted weekly supply.
Data points to consider: US core durable goods m/m and US unemployment claims at 1.30pm; US revised UoM consumer sentiment at 3pm; FOMC meeting minutes at 7pm GMT.
As is evident from the daily timeframe, support at 111.91 held beautifully on Monday but, thanks to October’s opening level, has failed to generate much follow-through action. Also of particular interest is where price came from: a monstrous weekly supply coming in at 115.50-113.85.
Suggestions: Neither a long nor short seems attractive right now. A sell at current price would be a chancy move seeing as there is no discernible H4 resistance in play. Furthermore, you would be selling directly into a daily support, which has already proved its worth three times since late September. So, what about a long from the daily support? Again, this would be tricky since you’d be buying into potential weekly momentum from the noted weekly supply.
Data points to consider: US core durable goods m/m and US unemployment claims at 1.30pm; US revised UoM consumer sentiment at 3pm; FOMC meeting minutes at 7pm GMT.
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