EUR/JPY Close to 78.6 Fib Retracement

August 14, 2017 08:35

The EUR/JPY broke below the leaned head and shoulders pattern and touched the 128.04 before making a correction. At this point the price is close to possibly completing a correction due to a cluster of strong confluence points that make the POC zone. The POC 129.80-113.00 (W H4, D H4, bearish order block, 78.6, ATR high) could reject the price towards D H3 -129.40 but only a H1 momentum candle or H4 candle close below 129.40 could further tank the price towards 129.00 and 128.60.

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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)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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