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​EUR/JPY Descending Trend Lines Suggest Further Bearish Pressure

September 04, 2018 22:25

EUR/JPY Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on 04.09.2018 10:15 AM

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

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

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)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.