Title
GBPJPY H4 | Bearish reversal off pivot?
Type
Bearish Reversal
Preference:
Price is rising towards our pivot point at 182.92, which is a multi-swing high resistance level. If price rejects our pivot point, then price could fall to the 1st support at 181.09, which is a a pullback support and at the 38.2% fibo retracement.
Alternative scenario:
If price breaks above the pivot, then price could rise towards the 1st resistance at 184.20, which is an overlap resistance, aligning with the 127.2% fibo extension and 61.8% fibo projection.
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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.