Type:
Bullish Rise
Key Levels:
Resistance: 0.0076495
Pivot: 0.0074610
Support: 0.0073395
Preferred Case:
On the H4, with moving above the ichimoku cloud , we have a bullish bias that price will rise to the pivot at 0.0074610 in line with the swing high resistance, 78.6% fibonacci retracement and 7100% fibonacci projection. Once there is upside confirmation, we would expect bullish momentum to carry price to intermediate resistance at 0.0074915 where the swing high resistance is. Should price break intermediate resistance structure, we would expect price to rise to the 1st resistance at 0.0076495 where the swing high resistance is.
Alternative Scenario:
Alternatively, price may drop to the 1st support level at 0.0073395 in line with the swing low support and 78.6% fibonacci projection .
Fundamentals:
As market participants are seeking alternative reserve currencies, there is an increased demand for the Yen at its discounted price, hence, we have a medium bullish bias on the Japanese Yen.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.