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USD/JPY Bullish W Pattern with Ascending Trendline

February 27, 2018 09:23

The USD/JPY has formed a W bullish pattern straight from the W L3 support. We can also spot an ascending trend line supporting the bullish outlook. The POC zone 106.85-107.00 could spike the price upwards towards 107.15 and 107.36. However, a 4h close above 107.36 is needed for a continuation towards 107.70-85. Only below 106.50, the price should turn bearish and possibly reach 106.17.

Source: Admiral Markets MT5 with MT5SE Add-on

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

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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