Title
USDJPY H4 | Falling to support level?
Type
Bearish Reversal
Preference:
Price is nearing our pivot point of 142.225 which is a pullback resistance level that aligns with 61.8% Fibo retracement,. A reverse from here, price could fall to 1st support at 140.251 which is a pullback support level.
Alternative scenario:
However, if price breaks above the pivot, it could push up to 1st resistance at 143.866 which is a pullback 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.