By Admiral Markets
The USD/JPY has been in a very strong uptrend breaking both Monthly and Weekly H5 resistance levels. At this point traders should watch for 109.77 previous daily high and historical sellers spot. The price could reject towards 108.96 and 108.15 POC zone. POC zone is the spot where the price could bounce again. If 109.80 breaks watch for 110.20 and 110.50. Today it’s Friday, so we might see some profit taking later in the day.
Source: Admiral Markets MT5 with MT5SE Add-on
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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M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly 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 Strong Uptrend but Watch for 109.77
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
