Title
GBPJPY H4 | Bearish breakout
Type
Bearish Breakout
Preference:
Price is falling toward the pivot of 205.11. A break below the pivot could lead the price to fall to 1st support at 203.56, a pullback support close to 38.2 % Fibo retracement.
Alternative scenario:
If price bounces the pivot it could rise to 1st resistance at 206.43, a swing-high 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.