Title
USDJPY H1 | Falling from the 38.2% Fibonacci retracement.
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 152.53, which aligns close to the 38.2% Fibonacci retracement level and a pullback resistance. A reversal at this level could cause the price to fall toward 1st support at 151.49 a pullback support.
Alternative Scenario:
If the price breaks above the pivot level, it may rise toward the 1st resistance at 153.51, a pullback resistance that aligns close to the 61.8% Fibonacci 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.