Type:
Bearish Momentum
Key Levels:
Resistance: 137.22
Pivot: 136.44
Support: 134.06
Preferred Case:
On the H4, with price moving below the ichimoku indicator and has broken the ascending trendline, we have a bearish bias that price will rise and drop from the pivot at 136.44 where the pullback resistance, 78.6% fibonacci projection and 38.2% fibonacci retracement are to 1st support at 134.06 in line with swing low support, 161.8% fibonacci extension and 61.8% fibonacci retracement .
Alternative Scenario:
Alternatively, price may break pivot structure and rise to the 1st resistance at 137.22 where the pullback resistance and 61.8% fibonacci retracement are.
Fundamentals:
Due to the high volatility in USDJPY , we have a bearish bias on the USDJPY forex pair.
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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.