Title
EURJPY H4 | Bullish bounce off 38.2% fibo?
Type
Bullish Bounce
Preference:
Price could possibly bounce off our pivot point at 158.46, which is an overlap support, aliging with the 38.2% fibo retracement. Price has broken through a major resistance, and could possibly bounce off this current support level, to rise towards the 1st resistance at 159.20, which is a the 100% fibo projection.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 157.79, which is a 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.