The USD/JPY has formed a W bullish pattern straight from the W L3 support. We can also spot an ascending trend line supporting the bullish outlook. The POC zone 106.85-107.00 could spike the price upwards towards 107.15 and 107.36. However, a 4h close above 107.36 is needed for a continuation towards 107.70-85. Only below 106.50, the price should turn bearish and possibly reach 106.17.
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)
