USD/JPY Progressive Zig-Zag after the Cup With Handle Breakout

June 7, 2018

By Admiral Markets

USDJPY - 07.06.2018

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY has formed a bullish cup with handle pattern below the horizontal trend line (red), and at this point, we can see a valid breakout of the pattern. The breakout has formed a progressive bullish zig-zag pattern, and 109.80-90 is a possible bounce spot. If the bounce is validated, next targets should be 110.30 followed by 110.45 and 110.67.

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)


Free Reports:

Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter





Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





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)

Best wishes,

Nenad

Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Article by Admiral Markets

Source: USD/JPY Progressive Zig-Zag after the Cup With Handle Breakout


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.