USDJPY is approaching a pivot, potential for bounce! | 4th Oct 2021
Type:
Bullish Bounce
Preference:
Price is approaching our pivot at 110.833 in line with 127.2% Fibonacci extension and graphical overlap level. We can expect prices to climb higher to 1st resistance at 111.653 which is a graphical swing high and in line with 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may dip towards our area of support at 110.437 with 161.8% and 127.2% Fibonacci extension.
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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.