USD/JPY Flat Top Ascending Triangle Hints Bullish Continuation

Julij 02, 2018 12:44

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/JPY has formed a flat top ascending triangle pattern. Although, the pattern is still running (no vortex has been formed), this is a bullish configuration. The price has already broken above the upper flat trend line and we might see a continuation above 111.00. In the case of a retracement 110.50-60 is the POC zone for a possible bounce. Targets are 111.00 and 111.54. Ideally the price should stay above 110.20, else we might see a bearish momentum.

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)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.