USD/JPY has formed order blocks at 111.24 and 111.07 zones near D L5 pivot, with historical price stall cluster at 110.938 area. We might see a bounce from the POC zones if the price makes a bullish reversal candle pattern formation.
Retracement is projected to end in 2 POC zones. The POC zone 111.45-111.55 and POC 2 zone 111.10-111.20 might provide a bounce should price retest either zones. Though price might bounce at 111.72 (4/8 MML // D L3 // FR23.6), it’s wiser to wait for price to enter POC 1 to allow for bearish momentum decay and more space for price to move.
Strong 3 touch trendline from 27th Feb is supporting bullish bias. If price retraces deeper, the last frontier is the 110.87-97, a 78.6 retracement, W L4 pivot and 0/8 Major Murray Math zone. Look for a reversal candle formation (marubozu, piercing line, hammer, engulfing, pinbar) that might bring an end to retracement. Target is 112.70, D L5 pivot in confluence with +1/8 MM octave.
As long as price holds above trendline or cluster order blocks, bulls have the advantage.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,