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The following post provides an analysis of the JPY/USD futures market based on the recent price developments. The analysis considers tools such as the volume profile and market profile.
Mid of March the JPY/USD market made a significant short push representing substantial uncertainty in the market. Subsequently, the market stabilised, created large volume around the lower range border and, finally, rejected the previous weeks low (1) indicating buyer strength followed by a strong long push. The market, subsequently, consolidated and built another range (2). Later, the price performed a breakout on the upside and is currently moving in a long trend.
Considering a seller perspective, should the market fall below the previous days VPOC, the price might even trade lower with a first target at the previous upper range border (3). On the contrary, considering a buyer perspective, the market should preferably not fall back below the current week's VPOC at 0.00937. A first potential target is the initial weeks high at around 0.00954 (4).
This posting continues the previous analysis of the JPY/USD futures market.
End of April, the market built a strong range(1) that was finally left to the upside. Beginning of May sellers gained strength and absorbed the buying orders resulting in another smaller range (2) that was shortly broken on the long side but got eventually rejected. Last week, the price went short with a significant push back into the earlier range, however, got rejected (3). Buyers got stronger pushing the markets higher forming a B-shape profile in the TPO chart.
Considering the price rejection in the old range and weekly close on the upper side of the B-shape, buyers represent the dominant party. The next target on the long side may be the range from last week (4). Should the sellers gain strength, however, a first target may be the old range on the short side(5).
This posting continues the initial analysis of the JPY/USD futures market utilising the weekly market profile in combination with the volume profile.
The market took the previously suggested short move and traded around the initial range (1) the past week. Considering a buyer perspective, the market may gain strength and move back above the upper range level at around 0.00934 (2) illustrating buyer dominance with a first target at an earlier value area high around 0.009414. In contrast, should the market trade below the lower range level 0.009260 even lower prices are possible with a first target at an earlier range (3) around 0.0092055.
The following article refers to the initial analysis of the JPY/USD (6J) futures market based on the recent price developments.
Initially, the 6J market created a large range(1) which was tested on the downside but got rejected (2) indicating buyer dominance. Subsequently, the market moved long and performed a pullback showing an intense interest in price range (3) which was left to the upside. Again, the market created a range (4) and buyers pushed the price further up. However, sellers gained dominance and pushed the price back into the earlier range (4). This week, the price left the range with a significant push to the downside which even passed the earlier range level (3) in one go demonstration seller strength.
Considering a seller perspective, the market could perform a pullback to the previous range level (3) and continues its short trend or immediately, continues its short trend. In both cases a first target represents the naked VPOC close to the initial range’s low. Considering a buyer perspective, the price must trade sustainably above the previous range (3) in order to continue a potential long trend. A first target in that case is the earlier range level (4).
