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​EUR/JPY Descending Trend Lines Suggest Further Bearish Pressure

September 04, 2018 13:25

EUR/JPY Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on 04.09.2018 10:15 AM

The EUR/JPY has formed a POC zone straight at D H3/DH4, but below the camarilla W H3 Pivot. The trend lines are suggesting a confluence with technical tools (EMAs, Pivots, Canslesticks) for further bearish movement if the price stays below 129.58.

Rejections are possible from 129.20-37 towards 128.48 and 128.30.

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 - Monthly Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Monthly Camarilla Pivot (Daily Support)

D L4 – Monthly H4 Camarilla (Very Strong Daily Support)

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

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