Type:
Bearish Drop
Key Levels:
Resistance: 0.0072125
Pivot: 0.0070865
Support: 0.0070165
Preferred Case:
On the H4, with price moving below the ichimoku indicator, and within the descending trendline, we have a bearish bias that price will drop from pivot at 0.0070865 where the current price and 78.6% fibonacci projection are to the 1st support at 0.0070165 where the 100% fibonacci projection is.
Alternative Scenario:
Alternatively, price could rise to 1st resistance at 0.0072125 where the previous swing lows and 23.6% fibonacci retracement are.
Fundamentals:
Japan's Average Cash Earnings y/y and Household Spending y/y are out today, both of them are lower than the forecast.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.