By Admiral Markets
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:
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
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Article by Admiral Markets
Source: USD/JPY Progressive Zig-Zag after the Cup With Handle Breakout
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