USD/JPY 106.75 is Support Now

April 05, 2018 12:12

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY has formed a bullish head and shoulders pattern and we might see a further bullish continuation. At this point the price has closed above D H3 107.00. A dip towards the POC zone could be used for buying into the dip. Better than expected NFP is giving a boost to USD so we might see the USD strength carry-over to Friday too. Targets are 107.32 and 107.63. Break of 107.63 might target 108.000 zone. As long as the pair is kept above 105.90, bull will have the upper hand.

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)

Best wishes,

Nenad

Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.

Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.