Micro USD/JPY Futures (M6J1!), H4 Potential for Bullish Rise
Type : Bullish Rise
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.
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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results