JAPANESE YEN FUTURES (6J1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.0076510
Pivot: 0.0074900
Support : 0.0073605
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise to the pivot at 0.0074900 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 0.0076510 in line with swing high resistance and 100% fibonacci projection .
Alternative scenario: Alternatively, price drop to the 1st support at 0.0073605 in line with the swing low support.
Fundamentals: Despite key figures commenting about how a weaker Yen is deterimental to the Japanese economy, the BoJ’s policy path is still divergent to other central banks, giving us a bearish bias for the Japanese Yen.
Resistance : 0.0076510
Pivot: 0.0074900
Support : 0.0073605
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise to the pivot at 0.0074900 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 0.0076510 in line with swing high resistance and 100% fibonacci projection .
Alternative scenario: Alternatively, price drop to the 1st support at 0.0073605 in line with the swing low support.
Fundamentals: Despite key figures commenting about how a weaker Yen is deterimental to the Japanese economy, the BoJ’s policy path is still divergent to other central banks, giving us a bearish bias for the Japanese Yen.