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USD/JPY Bullish Zig-Zag Aims for Higher Levels

December 22, 2017 12:09

Although we are in Christmas trading mode, we still should be able to earn pips by trading properly. There is a lot of profit taking in the markets before the holidays and we can see some risk-on in the markets as Yen is weakening. The popular "Ninja" or the USD/JPY is trying to break the H# resistance at this point. If the price retraces to the POC zone 113.05-15 ( D L3, EMA89, trend line, historical buyers) it could spike to 113.44 and 113.85. However a clear break of 113.45 is needed for a further bullish momentum. Loss of 112.85 should put the pair into a neutral territory again.

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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