USDJPY is facing bearish pressure as MACD is still holding below 0 line after price has reversed from swing high resistance. A break and close below Pivot, in line with 61.8% Fibonacci retracement and 100% Fibonacci extension, could see price swing towards 1st Support, which is a horizontal swing low support.
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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.