Title
USDJPY H4 | React off 1st resistance
Type
Bearish Reversal
Preference:
Price has just reacted off our pivot of 137.763 which is a multi-swing high resistance. A reverse from here, price could fall to 1st support at 136.265 which is an overlap support that aligns with a 38.2% Fibonacci retracement.
Alternative scenario:
However, if price breaks above the pivot, it could rally to 1st resistance at 139.247 which is a multi-swing high resistance in daily timeframe
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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.