Type : Bullish bounce
Resistance : 0.008741
Pivot: 0.00868
Support : 0.008658
Preferred case: Prices are consolidating horizontally and are close to our Pivot. We see the potential for further upside from our Pivot at 0.00868 in line 61.8% Fibonacci retracement towards our 1st resistance at 0.008741 in line with 61.8% Fibonacci Extension, 127.2% Fibonacci extension and 127.2% Fibonacci expansion. Our bullish bias is further supported by RSI being on bullish momentum.
Alternative scenario: If prices were reverse, they can potentially dip towards our 1st support at 0.008658 which is a graphical swing low and also in line with 78.6% Fibonacci retracement.
Fundamentals: The Japanese yen is expected to continue to ride its safe-haven status, with bias for additional gains despite its relatively long standing ultra-accommodative monetary policy put in place to aid the recovery of the country’s economy from the devastating impacts from the Delta variant of COVID-19. With commodities being at all time high, we expect investors to be on a look out for buying opportunities on this safe-haven currency with its relative stability.
Resistance : 0.008741
Pivot: 0.00868
Support : 0.008658
Preferred case: Prices are consolidating horizontally and are close to our Pivot. We see the potential for further upside from our Pivot at 0.00868 in line 61.8% Fibonacci retracement towards our 1st resistance at 0.008741 in line with 61.8% Fibonacci Extension, 127.2% Fibonacci extension and 127.2% Fibonacci expansion. Our bullish bias is further supported by RSI being on bullish momentum.
Alternative scenario: If prices were reverse, they can potentially dip towards our 1st support at 0.008658 which is a graphical swing low and also in line with 78.6% Fibonacci retracement.
Fundamentals: The Japanese yen is expected to continue to ride its safe-haven status, with bias for additional gains despite its relatively long standing ultra-accommodative monetary policy put in place to aid the recovery of the country’s economy from the devastating impacts from the Delta variant of COVID-19. With commodities being at all time high, we expect investors to be on a look out for buying opportunities on this safe-haven currency with its relative stability.