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Type: Bearish Reversal
Resistance: 111.655
Support: 110.805
Pivot: 111.364
Preference:
USDJPY is on a bearish momentum. We see a possible entry if price retest our Pivot which is 111.364 in line with 23.6% Fibonacci retracement and potential dip towards our area of support at 110.805 in line with 38.2% Fibonacci retracement.
Alternative Scenario:
Price may shot up to our 1st resistance at 111.655 in line with 61.8% Fibonacci retracement and graphical swing high.
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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.