USD/JPY W Bullish Pattern at Daily Support

March 07, 2018 08:45

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY dropped heavily to its session lows after Trump cancelled Thursday's Tariff meeting. Now we can see that the price is exactly at the POC zone and it is either "make it or break it".The price might spike from 105.75-60 zone to the upside. In that case targets are 105.94 and 106.25. Only above 106.25 targets are 106.44 and 106.72. H1 momentum or 4h close above 106.75 aims for 107.05.A drop below 105.45 should target 105.04. If we see a daily close below 105.00 then 104.38 is next target.

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 (Monthly 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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