EUR/JPY Bullish W Pattern Marks The Possible Uptrend Continuation

August 01, 2017 09:27

The EUR/JPY has been in a steady uptrend marking a zig zag pattern followed by a huge bullish W pattern. At this point we have a possible continuation and a possible retracement to POC zone 129.95-130.10 (D L4, EMA89, 61.8, ATR pivot, historical buyers, bullish order block). Continuation should happen above 130.59 towards 130.80 and 131.10. In the case of retracement to POC, the price should be rejected towards upper levels. However should the price break below 124.90, traders should watch for 129.77, 129.66 and 129.50.

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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