JAPANESE YEN E-MINI FUTURES (J71!), H4 Potential For Bullish Bounce
Type:
Bullish Bounce
Key Levels:
Resistance: 0.007489
Pivot: 0.007372
Support: 0.007342
Preferred Case:
On the H4, with price recently breaking the descending trendline and moving above the ichimoku cloud , we have a bullish bias that price will continue to rise from the pivot at 0.007372 at the swing low in line with the 61.8% fibonacci projections to the 1st resistance at 0.007489 at the swing high in line with the 23.6% fibonacci retracement and 100% fibonacci projection .
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 0.007342 at the swing low in line with the 78.6% fibonacci projection .
Fundamentals:
No major news
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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.