Title
USDJPY H4 I React off resistance?
Type
Bearish Reversal
Preference:
Piece is rising towards to our pivot point of 141.297 which is a pullback resistance that aligns with 50% Fibo retracement. A reverse from here, price could fall to 1st support at 139.114 which is an overlap support level
Alternative scenario:
However, if price breaks above the pivot, it could rally to 1st resistance at 143.014 which is above the 61.8 Fibo retracement..
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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.