Title
GBPJPY H4 | Bearish reversal
Type
Bearish Breakout
Preference:
The price could rise to the 1st resistance at 188.283 the multi-swing high resistance which is a double top pattern, before pulling back to the pivot point at 186.283, the overlap support. From there it could reverse to the 1st support at 184.043, the pullback support.
Alternative scenario:
It could continue rising and break out of the 1st resistance at 188.283, the multi-swing high resistance.
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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.