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USDJPY, H4 | Potential for Bearish Continuation

39864 usdjpy h4 potential for bearish continuation

Type: Bearish ReversalKey Levels:Resistance: 128.11Pivot: 127.65Support: 127.009Preferred Case:On the H4, with price moving below the Ichimoku cloud and the stochastic indicator moving in a downtrend channel, we have a bearish bias that prices will drop to our 1st support at 127.009 where the overlap support is from our pivot at 127.65 in line with horizontal overlap resistance and 23.6% Fibonacci retracementAlternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance at 128.11 where the horizontal overlap resistance, 38.2% Fibonacci retracement and 38.2% Fibonacci retracement are.

Source: Tickmill

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