Type: Bullish bounce
Key Levels: Resistance: 114.877, pivot: 114.216, and support: 114.047
Preferred Case: USD/JPY is building bullish momentum and abiding by our ascending trendline.
We see the potential for a bounce from our pivot at 114.216 in line with 100% Fibonacci retracement, 100% extension, and 78.6% retracement.
The USD/JPY pair could head towards our 1st resistance at 114.877 in line with 161.8% Fibonacci retracement and 161.8% projection.
The pair is trading above our Ichimoku Clouds, further signaling bullish momentum.
Alternative Scenario: Alternatively, prices will dip towards our 1st support at 114.047 in line with 100% Fibonacci retracement.