JAPANESE YEN Futures (6J1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.0071705
Pivot: 0.0070675
Support : 0.0069015
Preferred Case: On the H4, with price moving along the ascending trendline and RSI is showing an ascending trendline, we have a bullish bias that price may rise from the pivot at 0.0070675 where the 23.6% fibonacci retracement is to the 1st resistance at 0.0071705 where the 38.2% fibonacci retracement is.
Alternative scenario: Alternatively, price could drop to the 1st support at 0.0069015 where the swing low support is.
Fundamentals: The DXY is droppind, combined with the positive BSI manufacturing index and PPI Y/Y, we would hold a bullish bias.
Resistance : 0.0071705
Pivot: 0.0070675
Support : 0.0069015
Preferred Case: On the H4, with price moving along the ascending trendline and RSI is showing an ascending trendline, we have a bullish bias that price may rise from the pivot at 0.0070675 where the 23.6% fibonacci retracement is to the 1st resistance at 0.0071705 where the 38.2% fibonacci retracement is.
Alternative scenario: Alternatively, price could drop to the 1st support at 0.0069015 where the swing low support is.
Fundamentals: The DXY is droppind, combined with the positive BSI manufacturing index and PPI Y/Y, we would hold a bullish bias.