Title
USDJPY D1 I Bounce Off the Fibonacci extension
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level 138.67, an overlap support that aligns with the 261.8% Fibonacci extension and the 100% Fibonacci projection. A bounce off this level could lead the price toward the 1st resistance at 144.86, a pullback resistance.
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st support at 135.88, a pullback support that aligns close to the 127.2% Fibonacci projection.
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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.