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  4. EUR/JPY Bullish SHS Pattern and Possible Breakout

EUR/JPY Bullish SHS Pattern and Possible Breakout

May 01, 2017 09:53

In the midst of a bank holiday, the EUR/JPY is moving in a steady uptrend trying to reach 122.54 full ATR projection. The pair has formed a bullish shoulder-head-shoulder pattern also known as inverted head and shoulders. A strong 1h momentum breakout above 122.00 should target 122.16 (D H4) followed by 122.54 and 122.80 (D H5/W H3 confluence). In the case of retracement, pay attention to POC 120.75-90 (D L3, left shoulder bottom, ATR pivot, EMA 89). The rejection should target 122.00 and above-mentioned levels if breakout happens.

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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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