USD/JPY Progressive Zig-Zag Potentially Targeting 111.60

May 22, 2018 12:21

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY has formed a progressive Zig-Zag pattern and at this point it seems like bullish momentum is shaping up for a new push higher. 110.90-111.05 is the POC zone and if the price manages to stay above 110.70 we might see higher levels. Next targets are 111.35, 111.61 and 111.77. Watch for a potential bounce from the POC zone.

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

Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Admiral Markets An all-in-one solution for spending, investing, and managing your money

More than a broker, Admiral Markets is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.