USD/JPY 113.35-50 is the POC Zone

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

The USD/JPY has been in a bullish zig-zag mode. The thrust-pullback bullish pattern has brought the pair up to 114.25 before a retracement to 88.6 Fibonacci level. At this point, a rejection is expected as long as the price respected 113.35-50 zone.

The POC 113.35-50 (D L3, 88.6 fib, EMA89, trend line, order block) should spike the price to the upside targeting 113.94-114.04. Only a 1h momentum or 4h close above 114.04 will pave the way to 114.49-114.57. Notice the double bottom at 113.24.  The pair needs to stay above 113.24 else a breakout below 113.24 might target 112.97.

USD/JPY 1h chart

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