By Admiral Markets
The USD/JPY has been dropping, making a descending zig-zag pattern which marks the downtrend. The POC zone 112.40-62 (D H4, Trend line, ATR pivot, EMA89) could reject the price towards 111.70 and if the 111.65 breaks to the downside 111.40 and 111.00 should be next. If we don’t see a retracement towards the POC, pay attention to 111.65 and possible breakout below. However if the price breaks above 112.70 we might see a retest of 113.00-113.15 zone.
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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: USD/JPY Descending Trendline Marks The Downtrend
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