Title
USDJPY H4 | Bearish Momentum
Type
Bearish Continuation
Preference:
The price is currently rising toward the pivot level at 156.46, a pullback resistance, indicating strong bearish momentum. A reversal of this level could lead the price to fall to the 1st support at 153.42, a significant overlap support zone that aligns close to the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot level, it may rise towards the 1st resistance at 158.89, a key swing-high resistance zone.
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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.