By Admiral Markets
Source: Admiral Markets MT5
The USD/JPY short zig-zag moves since February 7, have formed a clear pattern that suggests possible continuation to the downside. However, we can see steady support within 108.45 zone and if the zone holds we might see a spike first towards 108.90-109.00 POC zone. However, if the price continues with bearish momentum, it needs to break this interim support zone (108.45) and make a clear 1h momentum or 4h candle close below it. If it happens a test of W L3 -108.15 should be next target.
W H3 -1.2055 should give another upside boost to the pair.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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.