Type:
Bearish Momentum
Key Levels:
Resistance: 0.0073705
Pivot: 0.0073385
Support: 0.0072935
Preferred Case:
On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.0073385 in line with the pullback resistance to the 1st support at 0.0072935 where the swing low support and 61.8% fibonacci projection are.
Alternative Scenario:
Alternatively, price may break pivot structure and rise to the 1st resistance at 0.0073705 where the pullback resistance, 50% fibonacci retracement and -27.2% fibonacci expansion are.
Fundamentals:
Japanese Finance Minister Suzuki said that the Japanese government is concerned about the Yen’s recent rapid weakening, giving us a bearish 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.