Type:
Bullish Rise
Key Levels:
Resistance: 0.0074025
Pivot: 0.0073045
Support: 0.0072360
Preferred Case:
With the price moving within the descending trendline and crossing below the MA, we have a bearish bias that the price may drop to the pivot at 0.0073045, where the previous swing low is. If the pivot is broken, we can expect the price drop to the 1st support at 0.0072360, where the swing low is.
Alternative Scenario:
Alternatively, the price may break the descending tren and rise to the 1st resistance at 0.0074025, where the overlap resistance and 61.8% fibonacci retracement are.
Fundamentals:
The Tokyo Core CPI y/y is out today, which is at 2.6%, higher than the expectation, which is good for JPY, therefore, from fundamental view, please take note there's also a possibility that the JPY future may increase.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.