USD/JPY Could Head Lower
Tickmill | Nov 22, 2021 02:01AM ET
Type: Bearish Reversal
Key Levels: Resistance: 114.564, pivot: 114.303, support: 113.763
Preferred Case: USD/JPY is in a bearish momentum and is potentially forming a head and shoulders pattern. We see a dip from our pivot at 114.303 in line with 50%, 78.6%, and 100% Fibonacci extension towards our 1st support at 113.763 in line with 50% and 78.6% Fibonacci retracement.
Alternative Scenario: Alternatively, prices may climb higher towards our 1st resistance at 114.564 in line with 100% Fibonacci extension.
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