Type:

Bearish Reversal

Resistance: 109.699

Support: 109.112

Pivot: 109.584

Preference:

USDJPY is on a bearish momentum. Price is approaching our pivot at 109.585 in line with 50% Fibonacci retracement and graphical swing high. It may potentially experience a pullback towards our 1st support at 109.112 which is had been tested several times in the past.

Alternative Scenario:

Price May Climb To Our 1st Resistance At 109.699 In Line With 61.8% Fibonacci Retracement And 61.8% Fibonacci Projection.