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USDJPY, H4 | Bearish Momentum

29706 usdjpy h4 bearish momentum

Type: Bearish ReversalKey Levels:Resistance: 115.678Pivot: 115.52Support: 115.019Preference:Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our Pivot at 115.52 in line with 38.2% Fibonacci retracement towards our 1st support at 115.019 in line with 78.6% Fibonacci extension, 38.2% Fibonacci retracement and 127.2% Fibonacci extension. Our bearish bias is further supported by Ichimoku clouds baseline crossing over conversion line.Alternative Scenario:Alternatively, prices can climb towards our 1st resistance at 115.678 in line with 50% Fibonacci retracement.

Source: Tickmill

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