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USDJPY, H4 | Potential for Pullback

Preference:

Prices are consolidating in a parallel channel. We see the potential for a dip from our Pivot at 114.253 in line with 100% Fibonacci extension and 78.6% Fibonacci extension towards our 1st support at 113.681 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Ichimoku clouds are forecasting the dip and also our RSI is close to a level where dips previously occurred.

Alternative Scenario:

Alternatively, prices may climb towards our 1st resistance at 114.514 in line with 127.2% and 100% Fibonacci extension.

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