USDJPY is approaching a pivot, potential for bounce! | 12th Oct 2021
Title:
USDJPY is approaching a pivot, potential for bounce!
Type:
Bearish Drop
Resistance: 114.529
Support: 112.446
Pivot: 113.315
Preference:
USDJPY is approaching our Pivot at 113.315 in line with 200% Fibonacci Retracement and has the potential to dip towards our area of 1st support at 112.446 in line 23.6% Fibonacci retracement and 61.8% Fibonacci extension.
Alternative Scenario:
Alternatively, price may climb up to our 1st resistance at 114.529 which is a weekly resistance.
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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.