Type: Bearish MomentumKey Levels:Resistance: 0.0074895Pivot: 0.0074195Support: 0.0073570Preferred Case:On the H4, with price moving below the ichimoku cloud and along a descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.0074195 in line with the pullback resistance to the 1st support at 0.0073570 in line with the 100% fibonacci projection and horizontal swing low support.Alternative Scenario:Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.0074895 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.Fundamentals:Yen weakness could continue, evident with the USDJPY rebounding from support to trade above 135 overnight, giving us a weak bearish bias towards yen.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/japanese-yen-futures-6j1-h4-potential-for-bearish-momentum"
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