EUR/JPY Consolidation Breakout Possible

Different Forex crosses are breaking out of their consolidation phase, making breakouts off the important levels as we could see yesterday in the example of the GBP/NZD. Today we have a consolidation with a possible breakout on EUR/JPY. The POC zone 132.12-132.30 (D H3, EMA89, 38.2,are pivot) could reject the price towards 131.90. Break below 131.90 might target 131.75 and 131.30. The current ATR is 37 pips while the projected ATR is 86 pips so the price still has the room to next support levels.

EUR/JPY 1H Chart

• 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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This article was originally posted on FX Empire

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