Type : Bullish Rise
Resistance : 0.007784
Pivot: 0.007629
Support : 0.007490
Preferred Case: On the H4, with prices moving above the ichimoku indicator and broken out of the descending channel, we have a bullish bias that price will rise to the pivot at 0.007629 where the overlap resistance and 61.8% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 0.007784 where the pullback resistance, 127.2% fibonacci extension and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could drop to the 1st support at 0.007490 where the pullback support is.
Fundamentals: Since it was stated that the central bank won’t hesitate to add stimulus if the economy needs it, we have a bullish view on the Japanese Yen.
Resistance : 0.007784
Pivot: 0.007629
Support : 0.007490
Preferred Case: On the H4, with prices moving above the ichimoku indicator and broken out of the descending channel, we have a bullish bias that price will rise to the pivot at 0.007629 where the overlap resistance and 61.8% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 0.007784 where the pullback resistance, 127.2% fibonacci extension and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could drop to the 1st support at 0.007490 where the pullback support is.
Fundamentals: Since it was stated that the central bank won’t hesitate to add stimulus if the economy needs it, we have a bullish view on the Japanese Yen.