Type: Bullish BounceKey Levels:Resistance: 78.859Pivot: 78.079Support: 77.561Preferred Case:On the H4 chart, with the possibility of price retesting our pivot of 78.079 in line with horizontal overlap support and 23.6% Fibonacci retracement. Price can potentially rise to the 1st resistance level of 78.859 in line with the 161.8% Fibonacci extension level. Our bullish bias is supported by how price is moving within the ascending channel and above the Ichimoku cloud.Alternative Scenario:Alternatively, price may break pivot and head for 1st support at 77.561 in line with the horizontal swing low support and 50% Fibonacci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/nzdjpy-h4-or-potential-for-a-rise"
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