USD/JPY Progressive Zig-Zag after the Cup With Handle Breakout

June 07, 2018 11:38

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY has formed a bullish cup with handle pattern below the horizontal trend line (red), and at this point, we can see a valid breakout of the pattern. The breakout has formed a progressive bullish zig-zag pattern, and 109.80-90 is a possible bounce spot. If the bounce is validated, next targets should be 110.30 followed by 110.45 and 110.67.

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

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