USDJPY, H4 | Bearish Dip

30333 usdjpy h4 bearish dip

Type: Bearish ReversalKey Levels:Resistance: 115.197Pivot: 114.946Support: 114.293Preferred Case:Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our Pivot at 114.946 in line with 50% Fibonacci retracement towards our 1st support at 114.293 in line with 50% Fibonacci retracement. Prices are trading below our Ichimoku clouds and RSI are at levels where dips occurred previously.Alternative Scenario:Alternatively, if prices breaks above our descending trendline, it can potentially climb higher towards our 1st resistance at 115.197 in line with 61.8% Fibonacci retracement.

Source: Tickmill

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