Type:
Bullish Bounce
Resistance: 114.739
Support: 113.788
Pivot: 114.195
Preference:
USDJPY is consolidating in an ascending parallel channel. Prices have the potential to climb from our Pivot at 114.195 in line with 50% and 78.6% Fibonacci retracement towards our 1st resistance at 114.739 in line with 78.6% and 100% Fibonacci extension.
Alternative Scenario:
Alternatively, prices may break out of our channel and dip towards our 1st support at 113.788 which is a graphical overlap and in line with 78.6% Fibonacci retracement.
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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.