Title
EURJPY H4 | Bullish bounce off 61.8% fibo?
Type
Bullish Bounce
Preference:
Price created a lower high and could potentially fall to our pivot point at 158.98, which is an overlap support level, aligning with the 61.8% fibo retracement and 61.8% fibo projection. If price bounces off our pivot point, then we can expect price to rise toward the 1st resistance level at 160.41, which is a wing high resistance level, at the 78.6% fibo retracement.
Alternative scenario:
If price break below the pivot point, then we can expect price to fall to the 1st support at 157.91, which is a swing low support 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.