EUR/JPY Bearish Zig Zag Within Equidistant Channel

Bank holidays are usually days when low volatility is expected. Yen pairs tend to move with equities, especially Nikkei, so we have seen some volatility in the Yen during the Asia session. The POC for EUR/JPY comes within 115.75-95 (EQ channel top, ATR high, W H3, EMA89) and should reject the price. Targets are 114.55 and 113.90. If we don’t see any retracement in the pair, a breakout below W L3 114.35 should also aim for 113.90, which is D L5 – the strongest intraday support.

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D L3 – Daily Camarilla Pivot (Daily Interim Support) D H3 – Daily Camarilla Pivot (Daily Interim Resistance) D H4 – Daily Camarilla Pivot (Strong Daily Resistance) D L4 – Daily Camarilla Pivot (Very Strong Daily Support) D L5 – Daily Camarilla Pivot (Strongest Daily Support) W L5 – Weekly H4 Camarilla (Strongest Weekly Resistance) POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

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