Type:

Bearish Reversal

Resistance: 110.097

Support: 109.324

Pivot: 109.906

Preference:

USDJPY has recently bounced off our support at 109.324 in line with 61.8% Fibonacci Extension and 23.6% Fibonacci retracement. As price seems to be consolidating within the parallel channel, there might be a potential trend reversal at our pivot at 109.906 in line with 78.6% and 38.2% Fibonacci retracement.

Alternative Scenario:

Alternatively, Price May Push Towards Our 1st Resistance At 110.097 In Line With 50% Fibonacci Retracement.