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USDJPY, H4 | Potential For Further Bearish Momentum

34096 usdjpy h4 potential for further bearish momentum

Type: Bearish ReversalKey Levels:Resistance: 115.597Pivot: 115.491Support: 115.119Preferred Case:Prices are abiding to a daily ascending trendline. We see the potential for further bearish continuation from our Pivot in line with 38.2% Fibonacci retracement towards our 1st support at 115.119 in line with 61.8% Fibonacci extension. RSI is close to levels where dips previously occurred, supporting our bearish bias.Alternative Scenario:Alternatively, prices may climb towards our 1st resistance at 115.597 in line with 50% Fibonacci retracement.

Source: Tickmill

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