Title
CADJPY H4 | Rising to resistance level
Type
Bullish Bounce
Preference:
CADJPY could continue the uptrend from the pivot at 106.501, the pullback support, and rise to the 1st resistance at 108.107, the multi-swing high resistance level.
Alternative scenario:
The price could pullback and reverse to the 1st support at 106.199, which aligns with the 61.8% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.