EUR/JPY Cup With Handle Pattern Suggests Further Gains

June 1, 2017

By Admiral Markets

The EUR/JPY has formed a cup with handle pattern (blue rectangle) and currently it is targeting D H4/ 100 % Fibonacci extension confluence. The POC zone serves as a strong support and possible now moment buyers could buy from the zone if we see a retracement into the POC zone. The POC 124.30-50 (EMA 89, trend line, handle top, ATR pivot, 61.8 Fib extension). EUR/JPY is targeting 124.98 and if we see a 1h breakout or 4h close above the level then 125.30 is possible.

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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

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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)

Article by Admiral Markets

Source: EUR/JPY Cup With Handle Pattern Suggests Further Gains

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