USD/JPY Gathers Bearish Momentum
Tickmill | Jan 12, 2022 03:06AM ET
Type: Bearish reversal
Key Levels: Resistance: 115.678, pivot: 115.52, and support: 115.019
Preference: USD/JPY is gathering bearish momentum and abiding by our descending trendline.
We see the potential for a dip from our pivot at 115.52 in line with 38.2% Fibonacci retracement towards our 1st support at 115.019 in line with the 78.6% Fibonacci extension 38.2% retracement, and 127.2% extension.
Our bearish bias is further supported by Ichimoku clouds baseline crossing over the conversion line.
Alternative Scenario: Alternatively, prices can climb towards our 1st resistance at 115.678 in line with 50% Fibonacci retracement.
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