Type:
Bullish Momentum
Key Levels:
Resistance: 0.007487
Pivot: 0.007400
Support: 0.007309
Preferred Case:
On the H4, with price moving above the ichimoku cloud and in an ascending trend channel and RSI showing an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 0.007400 in line with the pullback resistance to the 1st resistance at 0.007487 in line with the 61.8% fibonacci projection .
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 0.007309 at the overlap support in line with the 50% fibonacci retracement .
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.