Type: Bullish MomentumKey Levels:Resistance: 0.007487Pivot: 0.007400Support: 0.007309Preferred Case:On the H4, with price moving above the ichimoku cloud and in an ascending trend channel and RSI showing an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 0.007400 in line with the pullback resistance to the 1st resistance at 0.007487 in line with the 61.8% fibonacci projection .Alternative Scenario:Alternatively, price may reverse off the pivot and drop to the 1st support at 0.007309 at the overlap support in line with the 50% fibonacci retracement .Fundamentals:Japanese Finance Minister Suzuki said that the Japanese government is concerned about the Yen’s recent rapid weakening, giving us a bearish bias on the Japanese Yen.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/japanese-yen-futures-6j1-h4-potential-for-bearish-momentum28"
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