The USD/JPY is in uptrend. The Yen weakness that we could see on real time trading webinars and analyses was following both the USD and GBP strength. Today is Friday and end of month so in my opinion, we should see a profit taking. Managers of passive portfolios usually sell the extra" dollars and buy other currencies to bring the overall fund back into balance. These flows can be very heavy at the end of the month so pay attention to it.
The POC zone is the crossroads for the USD/JPY. 113.80-113.95 (50.0, trend line, D L3, EMA 89, atr pivot). If it rejects from the POC to the upside targets are – near term inverted SHS top – 114.24, 114.40 and 114.60. However the break below 113.80 and the pair could target 113.58 and 113.24. The important thing is to watch these important levels (see the chart) and act accordingly. Month end profit taking usually ends up in 2-way trading direction.
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)
