USD/JPY: A Bounce Likely

 | Nov 19, 2021 04:03AM ET

Type: Bullish Bounce

Key Levels: Resistance: 114.926, pivot: 114.309, support: 113.984

Preferred Case:USD/JPY is in a bullish momentum and consolidating in a parallel channel. We see the potential for a bounce from our pivot at 114.309 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension towards our 1st resistance at 114.926 in line with 78.6% Fibonacci retracement.

Alternative Scenario: 
Alternatively, prices might dip towards our 1st support at 113.984 in line with 78.6% Fibonacci retracement.