Type: Bullish BounceKey LevelsResistance: 0.008741Pivot: 0.00868Support: 0.008658Preferred Case:Prices are consolidating horizontally and are close to our Pivot . We see the potential for further upside from our Pivot at 0.00868 in line 61.8% Fibonacci retracement towards our 1st resistance at 0.008741 in line with 61.8% Fibonacci Extension , 127.2% Fibonacci extension and 127.2% Fibonacci expansion . Our bullish bias is further supported by RSI being on bullish momentum.Alternative Scenario:If prices were reverse, they can potentially dip towards our 1st support at 0.008658 which is a graphical swing low and also in line with 78.6% Fibonacci retracement .Fundamentals:The Japanese yen is expected to continue to ride its safe-haven status, with bias for additional gains despite its relatively long standing ultra-accommodative monetary policy put in place to aid the recovery of the country’s economy from the devastating impacts from the Delta variant of COVID-19. With commodities being at all time high, we expect investors to be on a look out for buy in opportunities on this safe-haven currency with its relative stability
Source: Tickmill
