USDJPY, H4 | Potential Bearish Continuation


Type: Bearish ReversalKey Levels:Resistance: 128.86Pivot: 128.088Support: 127.162Preferred Case:On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that prices will drop to our 1st support at 127.162 where our horizontal swing low support is at from our pivot at 128.088 in line with horizontal overlap resistance and 38.2% Fibonacci retracement.Alternative Scenario:Alternatively, price may break pivot structure and head for the 1st resistance at 128.86 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement.

Source: Tickmill

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