Equities have been holding strong this week and USD/JPY has seen a recovery from its lows making a diving board pattern/V shaped reversal. At this point it stands at the important levels 110.70 and if we see a momentum break of 110.78 it could proceed towards 111.22-30 zone. In the case of profit taking (It's Friday) pay attention to 110.10-20 zone (historical gap support, 38.2, channel bottom, EMA89) as the POC could again spike the price towards 110.78 and above.
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)
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)
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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