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USD/JPY Downtrend Continuation Only if 108.45 Breaks

By:
Nenad Kerkez
Updated: Feb 13, 2018, 04:52 UTC

The USD/JPY short zig-zag moves since February 7, have formed a clear pattern that suggests possible continuation to the downside. However, we can see

USD/JPY Downtrend Continuation Only if 108.45 Breaks

The USD/JPY short zig-zag moves since February 7, have formed a clear pattern that suggests possible continuation to the downside. However, we can see steady support within 108.45 zone and if the zone holds we might see a spike first towards 108.90-109.00 POC zone. However, if the price continues with bearish momentum, it needs to break this interim support zone (108.45) and make a clear 1h momentum or 4h candle close below it. If it happens a test of W L3 -108.15 should be next target.

USD/JPY Downtrend Continuation Only if 108.45 Breaks
USD/JPY Downtrend Continuation Only if 108.45 Breaks

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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About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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