Admiral Markets
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USD/JPY Risk On Sentiment Pushing the Pair Towards 112 Zone
1809.jpg1554x751 253 KB
The USD/JPY is being pushed towards next resistance by the backwind of risk on sentiment that is currently dominating the Forex market. When risk on sentiment is prevailing Gold goes down, Commodities are up, Equities are up and Yen weakens as a result. Adding to that is a Bullish SHS (head and shoulders) pattern that signifies now moment buyers. 110.45-70 is the POC zone and if the price retraces we might see another bounce to the upside towards 111.40. A spike above or 4h close above 111.40 could make a breakout on the price towards 111.70 and 112.05. A daily close above 112.00 could push the pair up to 112.58-74. The bullish sentiment might weaken if the pair drops and closes below the low of SHS pattern 109.54.
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)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market updates
Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.
1809.jpg1554x751 253 KB
The USD/JPY is being pushed towards next resistance by the backwind of risk on sentiment that is currently dominating the Forex market. When risk on sentiment is prevailing Gold goes down, Commodities are up, Equities are up and Yen weakens as a result. Adding to that is a Bullish SHS (head and shoulders) pattern that signifies now moment buyers. 110.45-70 is the POC zone and if the price retraces we might see another bounce to the upside towards 111.40. A spike above or 4h close above 111.40 could make a breakout on the price towards 111.70 and 112.05. A daily close above 112.00 could push the pair up to 112.58-74. The bullish sentiment might weaken if the pair drops and closes below the low of SHS pattern 109.54.
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)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market updates
Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.
