Title
USDJPY H1 | Bounced off 1st support
Type
Bullish Breakout
Preference:
Price is currently at our pivot 134.47 which is a pullback support level that lines up with 78.6% Fibonacci retracement. A bounce from here price could pish up to 1st resistance at 135.103 which lines up with 23.6% Fibonacci retracement
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support at 133.177 which is a swing low support level.
it's worth noting that price is above the ascending trendline, suggesting a bullish momentum m
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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.