01.07.202006:58 Forex Analysis & Reviews: AUDJPY facing bearish pressure, potential for further drop!

Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups.

On the H4, with prices moving below the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 128.099 where the 38.2% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 126.988 in line with the 78.6% Fibonacci projection and horizon.

On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.25009 where the horizontal overlap support is to our 1st resistance at 1.26243 in line with the 78.6% Fibonacci projection and horizontal swing high resistance. Alternati.