Forex Opinion & Analysis

USD/JPY: A Bounce Likely

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.

USD/JPY price chart.

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