JAPANESE YEN FUTURES (6J1!), H4 Potential For Bullish Rise

44455 japanese yen futures 6j1 h4 potential for bullish rise

Type:

Bullish Rise

Key Levels:

Resistance: 0.0079195

Pivot: 0.0076525

1st Support : 0.0074905

2nd Support: 0.0074080

Preferred Case:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 0.0076525 where the swing high resistance and 61.8% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 0.0079195 where the swing high resistance and 161.8% fibonacci extension are.

Alternative Scenario:

Alternatively, price could drop to the 1st support at 0.0074905 where the pullback support is. Once there is downside confirmation that price has broken 1st support structure, we would expect bearish momentum to carry price to 2nd support at 0.0074080 in line with pullback support.

Fundamentals:

Since it was stated that the central bank won’t hesitate to add stimulus if the economy needs it, we have a weak bullish view on the Japanese Yen.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

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Written by Desmond Leong

Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.


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