By Admiral Markets
The EUR/JPY has broken a 4h trend line and currently it is supported by W L3 pivot. If the prices retraces to POC zone (EMA 89, W H3, 50.0, inner trend line, ATR high) 120.60-85 we might see a rejection towards 119.90 and 119.25. If there is no retracement to the upside, than traders should pay attention to 4h close below 119.20 for further continuation down to 118.75.
W H3 – Weekly H3 Camarilla (Weekly resistance)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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W L3 – Weekly L3 Camarilla (Weekly support)
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Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.