Title
USDJPY H4 | React off resistance level
Type
Bearish Reversal
Preference:
Price is currently at our pivot point of 135.368 which is an overlap resistance level that lines up with 38.2% Fibonacci retracement. A reverse from here, price could drop to 1st support at 133.729 which is support level.
Alternative scenario:
However, if price breaks above the pivot, price could push up to 1st resistance at 137.009 which is 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.