Type:
Bearish Momentum
Key Levels:
Resistance: 0.0074895
Pivot: 0.0074195
Support: 0.0073570
Preferred Case:
On the H4, with price moving below the ichimoku cloud and along a descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.0074195 in line with the pullback resistance to the 1st support at 0.0073570 in line with the 100% fibonacci projection and horizontal swing low support.
Alternative Scenario:
Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.0074895 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals:
Yen weakness could continue, evident with the USDJPY rebounding from support to trade above 135 overnight, giving us a weak bearish bias towards yen.
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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.