Title
USDJPY H4 I Bullish Reversal
Type
Bullish Bounce
Preference:
Price is falling toward the pivot of 145.42, a pullback support level close to 38.2% Fibo retracement. A bounce from this level could lead the price to rise to 1st resistance at 146.96, an overlap resistance close to 61.8% Fibo retracement.
Alternative Scenario:
If price breaks below the pivot, it could fall to 1st support at 144.32, an overlap 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.