JAPANESE YEN FUTURES (6J1!), H4 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 0.0074895
Pivot: 0.0074195
Support : 0.0073570
Preferred Case: On the H4, with price moving below the ichimoku cloud and along a descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.0074195 in line with the pullback resistance to the 1st support at 0.0073570 in line with the 100% fibonacci projection and horizontal swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.0074895 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Yen weakness could continue, evident with the USDJPY rebounding from support to trade above 135 overnight, giving us a weak bearish bias towards yen.
Resistance : 0.0074895
Pivot: 0.0074195
Support : 0.0073570
Preferred Case: On the H4, with price moving below the ichimoku cloud and along a descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.0074195 in line with the pullback resistance to the 1st support at 0.0073570 in line with the 100% fibonacci projection and horizontal swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.0074895 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Yen weakness could continue, evident with the USDJPY rebounding from support to trade above 135 overnight, giving us a weak bearish bias towards yen.