USD/JPY Bullish Consolidation at 38.2 Fib

December 1, 2017

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

Source: USD/JPY Bullish Consolidation at 38.2 Fib

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