USD/JPY Possibly Up to 107.20 if 106.60 Breaks

The USD/JPY has been rejecting the POC zone 106.16-30 and the price formed a V-shaped bottom. The recent USD recovery aims for 106.60 and if the price makes a 4h close above 106.60 we could see 107.20. At this point the pair is supported but for bulls to dominate 106.60 must be broken. A steep retracement trend line break suggest further up, but if the price breaks below 106.00, we could see bears dominating again and the price might turn down to 105.40 zone.

USD/JPY Possibly Up to 107.20 if 106.60 Breaks

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

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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