USDJPY due for a potential short term pullback

Type

Bearish Reversal

Resistance: 115.567

Support: 113.798

Pivot: 114.581

Preference:

USDJPY is consolidating in a bullish channel. Prices have the potential to experience a short term pullback towards our area of 1st support at 113.798 in line with 127.2% Fibonacci extension and 23.6% Fibonacci retracement.

Alternative Scenario:

Prices might climb higher towards our 1st resistance at 115.567 in line with 161.8% Fibonacci projection.