Title
USDJPY H4 | Bullish bounce
Type
Bullish Bounce
Preference:
The price has bounced off the pivot at 141.776, the 78.6% Fibonacci retracement level. It is rising to the 1st resistance at 144.541, the swing-high resistance.
Alternative scenario:
Price could pull back from the pivot at 141.776 and reverse to the 1st support at 140.965, the swing-low support.
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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.