By Admiral Markets
The USD/JPY made a diving board pattern straight from 111.70 zone and it is consolidating now at 38.2 of the previous swing low. The price is supported by 38.2, D L3, W H4 and double bottom within 112.30-40 zone. This accounts for the POC zone. If the price bounces from the zone, targets could be 112.77 and 113.14. Have in mind that Friday is generally a profit taking day, so we might see some volatility. It doesn’t hurt to protect profits by applying profit stop when volatility is higher than usual and on Fridays.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.