By Admiral Markets
In the midst of a bank holiday, the EUR/JPY is moving in a steady uptrend trying to reach 122.54 full ATR projection. The pair has formed a bullish shoulder-head-shoulder pattern also known as inverted head and shoulders. A strong 1h momentum breakout above 122.00 should target 122.16 (D H4) followed by 122.54 and 122.80 (D H5/W H3 confluence). In the case of retracement, pay attention to POC 120.75-90 (D L3, left shoulder bottom, ATR pivot, EMA 89). The rejection should target 122.00 and above-mentioned levels if breakout happens.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
Article by Admiral Markets
Source: EUR/JPY Bullish SHS Pattern and Possible Breakout
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