USD/JPY Downtrend Continuation Only if 108.45 Breaks

February 12, 2018 08:33

Source: Admiral Markets MT5

The USD/JPY short zig-zag moves since February 7, have formed a clear pattern that suggests possible continuation to the downside. However, we can see steady support within 108.45 zone and if the zone holds we might see a spike first towards 108.90-109.00 POC zone. However, if the price continues with bearish momentum, it needs to break this interim support zone (108.45) and make a clear 1h momentum or 4h candle close below it. If it happens a test of W L3 -108.15 should be next target.

W H3 -1.2055 should give another upside boost to the pair.

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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