USD/JPY Two Confluence Zones Hovering Above The Price

August 22, 2017

By Admiral Markets
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<a href=”https://admiralmarkets.com/analytics/technical-analysis/feed.xml/usd-jpy-two-confluence-zones-hovering-above-the-price”><img class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/2017-08-22_14-31-42.jpg”></a>
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The USD/JPY is showing a confluence zone above the price and it could reject soon. H1 chart shows a downtrend and 109.50-70 (EMA89, 61.8, order block, ATR pivot, D H5) should reject the price possibly towards D H3 109.14 and 108.71 D L3. A spike above weekly H3 109.84 could reverse the trend to the upside possibly targeting 110.16 a confluence of 88.6 and previous order block.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
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W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
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D L4 – Daily H4 Camarilla (Very Strong Daily Support)
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POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets

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