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USD/JPY Making a Bullish N Pattern Through Chuvashov Fork

January 26, 2018 14:04

Source: Admiral Markets MT5

The USD/JPY has made a strong push after US President Trump's comments regarding the strong dollar. At this point we can see the USD/JPY making a possible N bullish pattern through the Chuvashov Fork targeting 109.72 and 110.05. MACD is above zero supporting the bullish move. We should see the bullish move ONLY if 109.40 breaks to the upside. Otherwise we could see a drop. If we see profit taking today, the USD/JPY could drop but next week should remain bullish as long as its kept above the previous low 108.50. Below 108.50 the pair is bearish.

D H3 - Daily Camarilla (Strong Daily Resistance)

D H4 - Daily Camarilla (Very Strong Daily Resistance)

D H5 - Daily Camarilla (Strongest Daily Resistance)

D L3 – Daily Camarilla (Daily Support)

D L4 – Daily Camarilla (Very Strong Daily Support)

D H5 - Daily Camarilla (Strongest Daily Support)

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

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