As we can see in the H4 time frame, the USD/JPY price is just between significant supply and demand (also pivot points).
These supply and demand also confluence with the daily pivot points.
They are price levels used by forex traders as significant levels in the price.
These levels are calculated as an average of prices from the performance of a market in the prior trading period.
Usually, pivot points function as support resistance zones.
In that case, we can see a great confluence between the pivot points and a fresh supply and demand.
The pivot points in the picture are daily points and relevant for today only.
For now, it seems the price is in bullish momentum, therefore, to look for a buy position is safer.
The demand below can be a great level for the buy position since it also confluence with daily S2 level
The target, in that case, will be the supply above.
The supply above is also a great level for the sell position since it confluence with the daily R3 level.
The target for the sell position will be the demand below.
Check out our Forex Pivots Points page. Presenting the updated Daily, Weekly, and Monthly Pivots and alerts for 28 currencies pairs.
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