By Admiral Markets
The EUR/JPY has formed a hidden bullish divergence and both the PPR and AP channel are pointing to the upside. Bulls are dominating the market so pullbacks could be possibly bought into on intraday time frame providing that the pair stays above the D L5 132.38. The POC zone is 132.80-95 ( D L4, AP channel low, ATR pivot,61.8, W H4, EMA89). Targets are 133.14, 133.70 and 134.00. If the price doesn’t pullback in the POC watch for pin bar rejections off the D L3 pivot.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
PPR – Progressive Polynomial Channel
AP -Andrew’s Pitchfork
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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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.