Title
USDJPY H4 I Bearish Drop in Play
Type
Bearish drop
Preference:
The price has reacted off the pivot at 147.32, a pullback resistance that lines up with the 38.2% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 145.91, an overlap support that aligns with the 138.2% Fibonacci extension.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 148.08, a pullback resistance.
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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.