Japanese Yen Futures (6J1!), H4 Potential for Bearish Drop
Type : Bullish Rise
Resistance : 0.0074025
Pivot: 0.0073045
Support : 0.0072360
Preferred Case: with the price moving within the descending trendline and crossing below the MA, we have a bearish bias that the price may drop to the pivot at 0.0073045, where the previous swing low is. If the pivot is broken, we can expect the price drop to the 1st support at 0.0072360, where the swing low is.
Alternative scenario: Alternatively, the price may break the descending tren and rise to the 1st resistance at 0.0074025, where the overlap resistance and 61.8% fibonacci retracement are.
Fundamentals: The Tokyo Core CPI y/y is out today, which is at 2.6%, higher than the expectation, which is good for JPY, therefore, from fundamental view, please take note there's also a possibility that the JPY future may increase.
Resistance : 0.0074025
Pivot: 0.0073045
Support : 0.0072360
Preferred Case: with the price moving within the descending trendline and crossing below the MA, we have a bearish bias that the price may drop to the pivot at 0.0073045, where the previous swing low is. If the pivot is broken, we can expect the price drop to the 1st support at 0.0072360, where the swing low is.
Alternative scenario: Alternatively, the price may break the descending tren and rise to the 1st resistance at 0.0074025, where the overlap resistance and 61.8% fibonacci retracement are.
Fundamentals: The Tokyo Core CPI y/y is out today, which is at 2.6%, higher than the expectation, which is good for JPY, therefore, from fundamental view, please take note there's also a possibility that the JPY future may increase.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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