Type : Bullish Rise
Resistance : 138.73
Pivot: 137.22
Support : 136.38
Preferred Case: On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support to the 1st resistance at 138.73 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 136.38 in line with the pullback support, 50% fibonacci retracement and -27.2% fibonacci expansion.
Fundamentals: With the BoJ monetary policy statement due on Thursday and the BoJ reaffirming its commitment to maintaining the current path of ultra-loose monetary policy, the weakness in the Yen is likely to persist, hence we have a bearish bias on the USDJPY forex pair. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 138.73
Pivot: 137.22
Support : 136.38
Preferred Case: On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support to the 1st resistance at 138.73 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 136.38 in line with the pullback support, 50% fibonacci retracement and -27.2% fibonacci expansion.
Fundamentals: With the BoJ monetary policy statement due on Thursday and the BoJ reaffirming its commitment to maintaining the current path of ultra-loose monetary policy, the weakness in the Yen is likely to persist, hence we have a bearish bias on the USDJPY forex pair. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.