Type : Bullish Rise
Resistance : 138.73
Pivot: 137.22
Support : 136.38
Preferred Case: On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support to the 1st resistance at 138.73 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 136.38 in line with the pullback support, 50% fibonacci retracement and -27.2% fibonacci expansion .
Fundamentals: With the BoJ monetary policy statement due on Thursday and the BoJ reaffirming its commitment to maintaining the current path of ultra-loose monetary policy , the weakness in the Yen is likely to persist, hence we have a bearish bias on the USDJPY forex pair. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 138.73
Pivot: 137.22
Support : 136.38
Preferred Case: On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support to the 1st resistance at 138.73 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 136.38 in line with the pullback support, 50% fibonacci retracement and -27.2% fibonacci expansion .
Fundamentals: With the BoJ monetary policy statement due on Thursday and the BoJ reaffirming its commitment to maintaining the current path of ultra-loose monetary policy , the weakness in the Yen is likely to persist, hence we have a bearish bias on the USDJPY forex pair. 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