By Admiral Markets
The USD/JPY trend is bullish as we can see from the PPR channel, but last few days we see a consolidation below the W H4- weekly H4 camarilla pivot that could tank the price towards 112.40 and 112.00. There is a confluence at the top of the range exactly at the AP channel high. 112.90-113.15 is the POC zone (W H3, AP high, ATR pivot) and the price could reject as long as it is held below 113.45. Targets are 112.50, and 112.00 – W L3. If the price gets to W L3 pivot it could bounce again.
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 – Daily Camarilla Pivot (Very Strong Monthly Resistance)
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M L3 – Daily Camarilla Pivot (Monthly Support)
M L4 – Daily H4 Camarilla (Very Strong Monthly Support)
PPR – Progressive Polynomial Channel
AP -Andrew’s Pitchfork
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: USD/JPY Could drop as long as it is below 113.45
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
