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.
Quick Summary:
W H3 – Weekly H3 Camarilla (Weekly resistance)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
W L3 – Weekly L3 Camarilla (Weekly support)
