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EUR/JPY Descending Trend Lines Suggest Further Bearish Pressure

Nenad Kerkez
Updated

The EUR/JPY has formed a POC zone straight at D H3/DH4 but below the camarilla W H3 Pivot. Trend lines are suggesting a confluence with technical tools (EMAs, Pivots, Candlesticks) for further bearish movement if the price stays below 129.58.

Rejections are possible from 129.20-37 towards 128.48 and 128.30.

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  • 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 – Monthly Camarilla Pivot (Very Strong Daily Resistance)

  • D L3 – Monthly Camarilla Pivot (Daily Support)

  • D L4 – Monthly H4 Camarilla (Very Strong Daily Support)

  • POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)

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Best wishes,

Nenad

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This article was originally posted on FX Empire

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