By Admiral Markets
The EUR/JPY had formed a huge marubozu candle (purple highlight) on 4h time frame after it was announced that Emmanuel Macron won the first round of the French presidential elections. If you followed my Price Action Trading School, than you should know that marubozu candle appears during high momentum in the market. Equities and EUR/USD went bullish, especially CAC40 as I predicted and analysed in the blog post before the elections.
Today POC zone comes within 117.50-80 (W H3, M L3, order block, inner trend line, 78.6 fib of marubozu candle, ATR low) and if the pair retraces we should see another spike to the upside targeting 118.54 and 119.90 followed by 120.30 and 121.00 (M L4). If we don’t see a retracement to POC, than pay attention to a retest of W H4 and close above (118.54) as it could also spike the pair towards above mentioned levels.
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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)
W L4 – Weekly Camarilla Pivot (Very Strong Weekly Support)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M H4 – Monthly H4 Camarilla (Very Strong Weekly Resistance)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Source: EUR/JPY Huge Marubozu After French Elections
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