The USD/JPY has formed a confluence at 4/8 MM and W H3 camarilla pivots. If the 4h candle closes above 114.00 we should see a continuation to the upside.

USDJPY

Rejections from 114.00 zone should provide a new bullish impulse towards next confluence targets. In that case, the bounce should target 114.45 – 5/8 – W H4 and 114.90 – 6/8 – W H5. If the price drops below 113.65 we could see a deeper retracement and the pair will be put to neutral mode again.

USDJPY

 

USDJPY Current Trading Positions

Sell 38%
Buy 62%
100.0%38.0%0405060708090100
Avg Sell Price 113.47
Avg Buy Price 113.40
Liquidity Distribution
109.00113.18116.08SellBuy

 

The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.

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