Title
GBPJPY H4 | Bouncing off 23.6% Fibonacci Level
Type
Bullish Bounce
Preference:
GBPJPY is bouncing off the pivot at 179.821, the pullback support that also aligns with the 23.6% Fibonacci retracement level. The price could continue rising to the 1st resistance at 182.195, the swing-high resistance.
Alternative scenario:
The price could pullback and reverse to the 1st support at 178.667, the 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.