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EUR/JPY V Shaped Reversal for Uptrend Continuation

January 31, 2018 09:56

The EUR/JPY has made a V-shaped reversal pattern close to W L4, and at this point, we see a bullish impulse slightly above W H1 and H2 camarilla pivots. 132.15-25 is the POC zone where we could see a bounce towards W L3 -135.47. MACD also turned bullish. 4h close above W L3 suggest 135.94 as a potential target for the move. If 136.30 is broken in upcoming days, we might even see 136.74 as a continuation move.

W H1 -. Weekly Camarilla Pivot (Interim resistance - Weak)

W H2 - Weekly Camarilla Pivot (Weekly resistance)

W H3 - Weekly Camarilla Pivot (Weekly resistance - main)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

W L4 - Weekly Camarilla Pivot (Interim support - Strong)

W L3 – Weekly Camarilla Pivot (Interim support - Main)

W L2 – Weekly Camarilla Pivot (Interim support)

W L1 - Weekly Camarilla Pivot (Interim support - Weak)

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

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