By Admiral Markets
Although we are in Christmas trading mode, we still should be able to earn pips by trading properly. There is a lot of profit taking in the markets before the holidays and we can see some risk-on in the markets as Yen is weakening. The popular “Ninja” or the USD/JPY is trying to break the H# resistance at this point. If the price retraces to the POC zone 113.05-15 ( D L3, EMA89, trend line, historical buyers) it could spike to 113.44 and 113.85. However a clear break of 113.45 is needed for a further bullish momentum. Loss of 112.85 should put the pair into a neutral territory again.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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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)
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Article by Admiral Markets
Source: USD/JPY Bullish Zig-Zag Aims for Higher Levels
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