JAPANESE YEN FUTURES (6J1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.0075575
Pivot: 0.0074695
Support : 0.0074205
Preferred Case: On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our pivot at 0.0074695 in line with the overlap support and 61.8% fibonacci retracement to 1st resistance at 0.0075575 in line with the 127.2% fibonacci extension and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 0.0074205 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Fundamentals: As the Bank of Japan adjusted the auction schedule and amounts, conducting additional outright purchases of JGBs and increasing the amount of purchases, paired with an aggressive 75bps rate increase from the FOMC. Anticipation is for the Japanese Yen to find its footing against the USD and test higher. This gives us a bullish view for the japanese yen.
Resistance : 0.0075575
Pivot: 0.0074695
Support : 0.0074205
Preferred Case: On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our pivot at 0.0074695 in line with the overlap support and 61.8% fibonacci retracement to 1st resistance at 0.0075575 in line with the 127.2% fibonacci extension and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 0.0074205 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Fundamentals: As the Bank of Japan adjusted the auction schedule and amounts, conducting additional outright purchases of JGBs and increasing the amount of purchases, paired with an aggressive 75bps rate increase from the FOMC. Anticipation is for the Japanese Yen to find its footing against the USD and test higher. This gives us a bullish view for the japanese yen.