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The #USDJPY price has broken the weekly highs, which suggest the #JPY remains weak. This could provide short-term long opportunities from some key levels.
Today, we’re going to take a look at USD/JPY.
The price broke last week’s high already, which suggests that the JP Yen weakness will remain and we could see the USD/JPY trend higher.
The USD/JPY price broke through the recent weekly highs after forming a small range weekly candle. The momentum looks to be heading to the upside after the price rejected a key structure zone.
At the moment, the price recently made new highs. The price recently retested this structure area, and we’re starting to see buyers step back to the market. We had a low ranging bullish candlestick last week, then the market took off this week.
Daily timeframe
In the daily timeframe, the strong bullish breakout of last week’s high was at 109.83.
We need to watch last week’s high and close at 109.65, last week’s open at 109.57, and the weekly low at 109.17. I’m looking for the potential of the market to retest one of those structure levels.
Four-hour timeframe
In the four-hour timeframe, the price is starting to make higher highs. If the price goes back down to last week’s high, that could be an area where we could find support.
Alternatively, we could also find support on last week’s close. So, if the market goes back to that area, then we could see long opportunities form.
The market is making higher highs on the four-hour timeframe, showing the weakness of the JPY. The key levels to watch are the recent weekly highs at 109.83, and the previous week’s close at 109.65. Those levels could be used as support as they were both used for either resistance or support recently.
Targets for this market will be up towards the 110.30 area. The market found sellers in that area from before, so the price could be making its way back there to retest this structure before finding the JP Yen strength or breaking out and moving to the upside.
The recent swing highs of 110.30 should be targeted for long opportunities as this is where we saw significant selling pressure recently.
Let’s keep an eye on USD/JPY, there’s some potential short-term trading opportunities on that one.
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