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EUR/JPY Camarilla & MM Confluence at Resistance

Nenad Kerkez
Updated

The EUR/JPY has formed a confluence below resistance which is marked by Camarilla Pivots and Murrey Math octaves.

The price is below Camarilla W H3 and Murrey Math 5/8 so we might expect a rejection around 128.25-25 zone. If 128.60 holds we might see a drop towards 128.10, 127.75 with 126.56 as the final target. However, W L3 and 0/8 MM levels provide a very strong confluence but we still need to see a higher risk-off sentiment for E/J pair to reach the final confluence target. Protecting your profits around important levels is advised.

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This article was originally posted on FX Empire

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