JAPANESE YEN Futures (6J1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 0.0075890
Pivot: 0.0074140
Support : 0.0073120
Preferred Case: On the H4, with the price moving below the ichimoku cloud and breaking the ascending trendline, we have a bearish bias that the price may drop from the pivot at 0.0074140, which is in line with the pullback support, 61.8% fibonacci retracement and 61.8% fibonacci projection top the 1st support at 0.0073120, where the 100% fibonacci projection, 78.6% fibonacci retracement and overlap support are.
Alternative scenario: Alternatively, price could rise to the 1st resistance at 0.0075890, where the swing high is.
Fundamentals: The trade balance of Japan is out today, which is -2.13T, lower than forecast and previous.
Resistance : 0.0075890
Pivot: 0.0074140
Support : 0.0073120
Preferred Case: On the H4, with the price moving below the ichimoku cloud and breaking the ascending trendline, we have a bearish bias that the price may drop from the pivot at 0.0074140, which is in line with the pullback support, 61.8% fibonacci retracement and 61.8% fibonacci projection top the 1st support at 0.0073120, where the 100% fibonacci projection, 78.6% fibonacci retracement and overlap support are.
Alternative scenario: Alternatively, price could rise to the 1st resistance at 0.0075890, where the swing high is.
Fundamentals: The trade balance of Japan is out today, which is -2.13T, lower than forecast and previous.