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USD/JPY Risk On Sentiment Pushing the Pair Towards 112 Zone

By Admiral Markets

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 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)

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Article by Admiral Markets

Source: USD/JPY Risk On Sentiment Pushing the Pair Towards 112 Zone


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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