Title
EURJPY H4 | Bounced off support line
Type
Bullish Bounce
Preference:
The price has bounce off the pivot point at 154.606, the pullback support level and is rising towards the 1st resistance level at 157.518, multi-swing-high resistance level.
Alternative scenario:
Price could break through the pivot line at 154.606 and reverse to the 1st support line at 152.21, the swing-low 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.