JAPANESE YEN FUTURES (6J1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 0.0072125
Pivot: 0.0070865
Support : 0.0070165
Preferred Case: On the H4, with price moving below the ichimoku indicator, and within the descending trendline, we have a bearish bias that price will drop from pivot at 0.0070865 where the current price and 78.6% fibonacci projection are to the 1st support at 0.0070165 where the 100% fibonacci projection is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.0072125 where the previous swing lows and 23.6% fibonacci retracement are.
Fundamentals: Japan's Average Cash Earnings y/y and Household Spending y/y are out today, both of them are lower than the forecast.
Resistance : 0.0072125
Pivot: 0.0070865
Support : 0.0070165
Preferred Case: On the H4, with price moving below the ichimoku indicator, and within the descending trendline, we have a bearish bias that price will drop from pivot at 0.0070865 where the current price and 78.6% fibonacci projection are to the 1st support at 0.0070165 where the 100% fibonacci projection is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.0072125 where the previous swing lows and 23.6% fibonacci retracement are.
Fundamentals: Japan's Average Cash Earnings y/y and Household Spending y/y are out today, both of them are lower than the forecast.