USD/JPY Trapped Within the Descending Channel

February 23, 2018 08:53

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY has reached the upper part of a descending channel and we could see a rejection towards 106.40 M L4 level followed by 106.00. The POC zone is 107.00-20 and we might see a rejection from the zone. However, since it's Friday, we need to be wary of the profit taking. In that case ,buyers could possible get in control if W H4 107.75 breaks to the upside and the pair could target 108.13 followed by 108.50.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

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

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