Source: Admiral Markets MT5 with MT5SE Add-on
The USD/JPY has broken through a trend line boosted by rising 10-year US yields. The US 10-year yields were up and we can see the USD/JPY going up too. Leaned bullish W pattern and X cross of two trend lines are technically suggesting upside continuation. 107.05-20 is the POC zone and the pair could spike to the upside targeting 108.00. 4h candle close above 108.00 should give another boost to USD/JPY and the target is 108.50. Today is Friday so pay attention to profit taking later in the day.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone).