Title
USDJPY H4 | Bullish Bounce
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level of 152.80, which acts as a pullback support that aligns with the 50% Fibonacci retracement. A bounce at this level could cause the price to rise toward 1st resistance at 154.62, an overlap resistance level.
Alternative Scenario:
If the price breaks below the pivot, it may fall toward the 1st support at 151.25 a pullback support, a multi-swing low support level.
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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.