By Admiral Markets
The EUR/JPY has made a V-shaped reversal pattern close to W L4, and at this point, we see a bullish impulse slightly above W H1 and H2 camarilla pivots. 132.15-25 is the POC zone where we could see a bounce towards W L3 -135.47. MACD also turned bullish. 4h close above W L3 suggest 135.94 as a potential target for the move. If 136.30 is broken in upcoming days, we might even see 136.74 as a continuation move.
W H1 -. Weekly Camarilla Pivot (Interim resistance – Weak)
W H2 – Weekly Camarilla Pivot (Weekly resistance)
W H3 – Weekly Camarilla Pivot (Weekly resistance – main)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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W L4 – Weekly Camarilla Pivot (Interim support – Strong)
W L3 – Weekly Camarilla Pivot (Interim support – Main)
W L2 – Weekly Camarilla Pivot (Interim support)
W L1 – Weekly Camarilla Pivot (Interim support – Weak)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: EUR/JPY V Shaped Reversal for Uptrend Continuation
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