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.
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.
This article was originally posted on FX Empire
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