Type : Bearish Momentum
Resistance : 136.42
Pivot: 135.00
Support : 133.53
Preferred Case: On the H4, since price has broken out of an ascending trendline and is moving below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 135.00 where the pullback resistance is to 1st support at 133.53 in line with swing low support, 61.8% fibonacci retracement and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 136.42 where the pullback resistance is.
Fundamentals: The weakening of the DXY should provide relief for the Japanese businesses that are hurt from the weakening of the Yen. This gives me a bullish bias for USDJPY.
Resistance : 136.42
Pivot: 135.00
Support : 133.53
Preferred Case: On the H4, since price has broken out of an ascending trendline and is moving below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 135.00 where the pullback resistance is to 1st support at 133.53 in line with swing low support, 61.8% fibonacci retracement and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 136.42 where the pullback resistance is.
Fundamentals: The weakening of the DXY should provide relief for the Japanese businesses that are hurt from the weakening of the Yen. This gives me a bullish bias for USDJPY.