USD/JPY Two Confluence Zones Hovering Above The Price

Augusts 22, 2017 15:56

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)

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)

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