Title
EURJPY H4 | Bearish reversal?
Type
Bearish Drop
Preference:
Price is currently at our pivot point of 156.53 which serves as a pullback resistance level. A reversal from this point could lead the price to drop to the 1st support at 153.93, a swing-low support level.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 158.61, which serves as a pullback resistance level.
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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.