Type: Bearish ReversalKey Levels:Resistance: 128.892Pivot: 128.09Support: 127.14Preferred Case:On the H4, with prices moving below the Ichimoku indicator, we have a bearish bias that price will drop from our pivot at 128.09 where the 38.2% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 127.14 in line with the 78.6% Fibonacci projection.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance at 128.892 where the horizontal overlap resistance and 61.8% Fibonacci retracement is.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/usdjpy-h4-or-potential-bearish-continuation23"
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