Micro USD/JPY Futures (M6J1!), H4 Potential for Bearish Drop
Type : Bearish Momentum
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.
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.
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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