Type:
Bullish Rise
Key Levels:
Resistance: 138.78
Pivot: 137.22
Support: 136.44
Preferred Case:
On the H4, with prices moving above the ichimoku cloud and within the ascending channel , we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 138.78 where the swing high resistance is.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support level at 136.44 in line with the pullback support, 50% fibonacci retracement and 100% fibonacci projection .
Fundamentals:
Due to the dovish overall sentiment of yen, we have a bearish view of the USDJPY . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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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.